Companies Act Section 82 — Company to report satisfaction of charge
CHAPTER VI REGISTRATION OF CHARGES
Commercial / Corporate
Summary
Sub-section (1) requires a company to inform the Registrar about the payment or full satisfaction of any charge that was registered under this Chapter. This intimation must be given in the prescribed form within thirty days from the date of such payment or satisfaction. However, the Registrar may allow the intimation to be made within a period of three hundred days of the payment or satisfaction, if the company or the charge holder applies for this and pays any additional fees that may be prescribed.
Sub-section (2) states that upon receiving the intimation under sub-section (1), the Registrar must send a notice to the holder of the charge. This notice calls upon the charge holder to show cause, within a time not exceeding fourteen days as specified in the notice, why the payment or satisfaction in full should not be recorded as intimated. If no cause is shown by the charge holder, the Registrar must order that a memorandum of satisfaction be entered in the register of charges kept by him under section 81, and must inform the company that this has been done. However, the notice is not required to be sent if the intimation to the Registrar is in the specified form and is signed by the holder of the charge.
Sub-section (3) provides that if any cause is shown by the charge holder, the Registrar must record a note to that effect in the register of charges and inform the company about it.
Sub-section (4) clarifies that nothing in this section affects the Registrar's powers to make an entry in the register of charges under section 83, or to make an entry otherwise than upon receiving an intimation from the company.
Official Text
(1) A company shall give intimation to the Registrar in the prescribed form, of the payment or satisfaction in full of any charge registered under this Chapter within a period of thirty days from the date of such payment or satisfaction 1***. 2[Provided that the Registrar may, on an application by the company or the charge holder, allow such intimation of payment or satisfaction to be made within a period of three hundred days of such payment or satisfaction on payment of such additional fees as may be prescribed.]
(2) The Registrar shall, on receipt of intimation under sub-section (1), cause a notice to be sent to the holder of the charge calling upon him to show cause within such time not exceeding fourteen days, as may be specified in such notice, as to why payment or satisfaction in full should not be recorded as intimated to the Registrar, and if no cause is shown, by such holder of the charge, the Registrar shall order that a memorandum of satisfaction shall be entered in the register of charges kept by him under section 81 and shall inform the company that he has done so:
Provided that the notice referred to in this sub-section shall not be required to be sent, in case the intimation to the Registrar in this regard is in the specified form and signed by the holder of charge.
(3) If any cause is shown, the Registrar shall record a note to that effect in the register of charges and shall inform the company.
(4) Nothing in this section shall be deemed to affect the powers of the Registrar to make an entry in the register of charges under section 83 or otherwise than on receipt of an intimation from the company.