CS Executive · Company Law and Practice · Charges
Ganga Pharma Ltd failed to intimate satisfaction of a charge in time, and the omission was accidental. Which authority can, on application by the company or any person interested and on just terms, extend the time for giving the intimation under section 87?
The Central Government can extend the time for giving intimation of satisfaction, or direct rectification of an omission or misstatement, if satisfied it was accidental, inadvertent or for sufficient cause, or not prejudicial to creditors or shareholders, on application by the company or any interested person.
- AThe Central GovernmentCorrect
- BThe Securities and Exchange Board of India
- CThe Board of Directors of the company
- DThe charge holder acting alone
Explanation
Section 87 lets the Central Government, if satisfied the omission was accidental, inadvertent, or for other sufficient cause, or not prejudicial to creditors or shareholders, extend the time or direct rectification of an omission or misstatement, on application by the company or any interested person.
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