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CS Executive · Company Law and Practice · Charges

Zenith Polymers Pvt Ltd repaid in full a term loan secured by a registered charge on its Pune plant on 1 March. Within how many days of the payment must the company ordinarily give intimation of satisfaction to the Registrar, without needing the Registrar's special permission?

The company must give intimation of satisfaction in the prescribed form within thirty days of the date of payment or satisfaction in full. A longer period of three hundred days is possible only if the Registrar permits it on application and additional fees are paid.

  1. AThirty days from the date of paymentCorrect
  2. BFourteen days from the date of payment
  3. CSixty days from the date of payment
  4. DThree hundred days from the date of payment

Explanation

Under section 82(1) the company must intimate payment or satisfaction in full within thirty days of the payment. The three hundred day period is available only if the Registrar allows it on application with additional fees, so it is not the ordinary period.

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