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    MEP Research

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    MEP Research

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    MEP research

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    Research paper

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    14 views10 pages

    MEP Research

    Uploaded by

    runjeet.p0ul
    Research paper

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 10

    MEPL CLASSES

    COMPANY LAW
    LAW KA DARBAR
    CHARGES
    MAIL-ID – d2hclasses@mohitsir.com
    WEBSITE – www.meplclasses.com
    ADDRESS – 59, JATINDRA MOHAN AVENUE, SOVABAZAR, KOLKATA – 700005

    Question 1.
    XYZ Limited has an office building in London. The Company has been granted a term loan of ₹15
    crore from a Bank. The Company wants to mortgage office building of London.
    Examining the provisions of the Companies Act, 2013, answer the following:
    (i) Whether the company can mortgage the above office building?
    (ii) Whether a charge can be created for property situated outside India?
    Question 2.
    “Non-filing of particulars of a charge shall be void against the company as a going concern” –
    Examine this statement in light of the provisions of the Companies Act, 2013.
    Question 3
    While sanctioning working capital limits, the rate of interest has been fixed at a specified
    percentage above the bank rate as notified by the Reserve Bank of India (RBI). But later on, there
    was a change in the interest rate due to RBI notification. The lending bank insisted on filing
    necessary documents and forms for modification of charge under section 79 of the Companies
    Act, 2013. Decide if the claim of the lending bank is tenable.
    Question 4.
    A Limited Company raised the secured deposit of ₹ 80 crore an 30th June, 2023 from the public
    on interest @ 12% p.a. repayable after 3 years. The charges have been created within prescribed
    time in favour of trustee of depositors against the deposit taking following assets of the company
    as security:

    Land & building ₹ 55 crore

    Plant & machinery ₹ 15 crore

    Factory Shed ₹ 10 crore

    Trade Mark ₹ 10 crore

    Goodwill ₹ 15 crore

    Decide on the validity of the charges created with reference to the provisions of the Companies
    Act, 2013
    Question 5.
    Krish Limited created a charge on its assets on 2nd February, 2021. However, the company did
    not register the charge with the Registrar of companies till 15th March, 2021.

    (a) What procedure should the company follow to get the charge registered?
    (b)Suppose the company realises its mistake of not registering the charge on 27th May, 2021
    (instead of 15th March, 2021), can it still register the charge?

    Advise with reference to the relevant provisions of the Companies Act, 2013.
    Question 6.
    City Bakers Limited obtained a term loan of ₹ 1,00,00,000 from DNB Bank Ltd. The loan was
    granted by the bank by creating a charge on one of its office buildings and the charge was duly
    registered within 20 days from the date of creation of charge. Will such registration of charge be
    deemed to be a notice of charge to any person who wishes to lend money to the company
    against the security of such property? Also explain the extension of time limit of its registration
    with the provisions under the Companies Act, 2013.
    Question 7.
    Beauty Limited obtained a working capital loan from a Nationalized Bank against the
    hypothecation of Stocks & Accounts receivable of the Company. An instrument creating the
    charge was duly signed by the Company and the Bank. The Company is not willing to register the
    charges with the Registrar of Companies.

    In the light of the provisions, if the Companies Act, 2013, discuss:

    (1)Is there any provision empowering the Nationalized Bank (charge holder) to get the charges
    registered?
    (2) When can the Registrar refuse to register the charges the present scenario
    Question 8.
    ABC Limited has created floating charge against debentures issued for ₹100 crore. The Board of
    Directors (BOD) is willing to know the circumstances under which floating charge crystallizes and
    the security becomes fixed. As a Company Secretary advise the BOD in light of the provisions of
    Companies Act, 2013.
    Question 9.
    Edge Ltd. had borrowed 50 crores from a scheduled bank and repaid entire loan amount along
    with interest thereon. The company wants to file satisfaction of charge with the Registrar only
    after receiving no due certificate and a release letter from the bank. If company delays the filing
    of satisfaction of charge for the default of bank in not issuing these documents, whether the
    company will be liable for late filing of satisfaction of charge under the Companies Act, 2013?

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