In India, when a company has fully repaid or discharged a charge or when the charge is otherwise no longer valid, the company needs to file a "charge satisfaction" form with the Ministry of Corporate Affairs (MCA). This form notifies the Registrar of Companies (ROC) that the charge has been satisfied and should be removed from the records.
Here's a general overview of the process of filing a charge satisfaction form with the MCA in India:
1. Form CHG-4:
To notify the ROC of the satisfaction of charge, the company needs to file Form CHG-4. This form is used for the satisfaction of charges and must be filed with the ROC within 30 days from the date on which the satisfaction of charge occurs.
2. Required Documents:
The following documents are typically required for charge satisfaction filing:
a. Details of the charge being satisfied, such as the charge identification number (CIN) and the date of creation.
b. Proof of the satisfaction of the charge, which could include a no-objection certificate (NOC) from the lender, a copy of the certificate of satisfaction, or any other relevant document.
c. Other supporting documents, as required.
3. Digital Signature:
The form must be digitally signed by a director or company secretary.
4. ROC Approval:
Once the form is filed and the ROC verifies the information provided, the charge will be marked as "satisfied" in the records, and the ROC will issue a Certificate of Satisfaction of Charge.
It is essential to file the charge satisfaction form within the prescribed time frame to avoid additional fees and ensure compliance with the Companies Act, 2013.
As procedures and requirements might change or be updated over time, I recommend referring to the latest information on the MCA website or consulting with a qualified professional, such as a company secretary or legal expert, to ensure accurate compliance with the most current regulations and procedures.
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