A charge was created by Cyprus Limited on its office premises to secure a term loan of 1 crore availed from ABM Bank Limited through an instrument…

CA Intermediate · Corporate and Other Laws · MTP · September 2024
A charge was created by Cyprus Limited on its office premises to secure a term loan of 1 crore availed from ABM Bank Limited through an instrument of charge executed by both the parties on 16th February, 2023. Inadvertently, the company could not get the charge registered with the concerned Registrar of Companies (ROC) within the first statutory period permitted by law and the default was made known to it by the lending banker with a stern warning to take immediate steps for rectification. The latest date within which the company must register the charge with the ROC so as to avoid paying ad valorem fees for registration of the charge is:
(A) 27th April, 2023
(B) 17th April, 2023
(C) 2nd May, 2023
(D) 16th June 2023

Suggested Answer and Working Notes:

Correct Answer: Option (B)

17th April, 2023

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

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