[Notification Date: 26.03.2014; Effective from: 01.04.2014]

Section 82- Company to report satisfaction of charge. [Corresponds to Section 138, 140 of the Companies Act, 1956]; [Relevant Rule: 8 of The Companies (Registration of Charges) Rules, 2014]

(1) A company shall give intimation to the Registrar in the prescribed form - [Rule 8(1)], 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 and the provisions of sub-section (1) of section 77 shall, as far as may be, apply to an intimation given under this section.

Provided that in case of a Specified IFSC public company, the Registrar may, on an application by the company, allow such registration to be made within a period of three hundred days of such creation on payment of such additional fees as may be prescribed. [proviso to sub-section (1) inserted vide Notification G.S.R. 08(E) dated 04.01.2017]

(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 81and 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 the 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.

Section 138 Company to report satisfaction and procedure thereafter.

(1) The company shall give intimation to the Registrar of the payment or satisfaction, in full, of any charge relating to the company and requiring registration under this Part, within thirty days from the date of such payment or satisfaction.

(2) The Registrar shall on receipt of such intimation, cause a notice be sent to the holder of the charge calling upon him to show cause within a time not exceeding fourteen days specified in such notice, why payment or satisfaction should not be recorded as intimated to the Registrar.

(3) If no cause is shown, the Registrar shall order that a memorandum of satisfaction shall be entered in the register of charges.

(4) If cause is shown, the Registrar shall recorded a note to that effect in the register, and shall inform the company that he has done so.

(5) Nothing in this section shall be deemed to affect the power of the Registrar to make an entry in the registrar of charges under section 139 otherwise than on receipt of an intimation form the company.