XYZ Ltd., a manufacturing company, had taken a loan from ABC Bank and registered a charge on its assets on January 1, 2022. On April 1, 2024, XYZ…

CA Intermediate · Corporate and Other Laws · MTP · September 2024
XYZ Ltd., a manufacturing company, had taken a loan from ABC Bank and registered a charge on its assets on January 1, 2022. On April 1, 2024, XYZ Ltd. paid off the entire loan to ABC Bank. According to Section 82 of the Companies Act, 2013, XYZ Ltd. was required to file an intimation with the Registrar of Companies (ROC) regarding the satisfaction of the charge within 30 days from the date of the payment. However, due to an oversight, the company did not submit the intimation until July 15, 2024. To rectify this, the company decided to take advantage of the extended period for intimation provided under the proviso to Section 82 (1), which allows for an extension up to 300 days with the payment of additional fees. The additional fee for late intimation was - 5,000, and the company's compliance officer needed to calculate the total fee to be paid for the delayed filing. As per the given facts, examine by how many days XYZ Ltd. was late in submitting the intimation of satisfaction of charge? What additional fee should the company pay for this delay?
(A) 90 days, Fee = 1,000
(B) 76 days, Fee = 5,000
(C) 90 days, Fee = 5,000
(D) 300 days, Fee = 10,000

Suggested Answer and Working Notes:

Correct Answer: Option (B)

76 days, Fee = 5,000

Topics: The Foreign Exchange Management Act, 1999, Registration of Charges

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