Nandan Dairy Products Ltd. was engaged in the business of producing and selling of the milk products. It had more than 500 cows at its farm. The…

(a) (i) According to section 82 (1) of the Companies Act, 2013, a company shall give intimation to the Registrar in the prescribed form, of the payment or satisfaction in full of any charge registered within a period of thirty days from the date of such payment or satisfaction. Provided that the Registrar may, on an application by the company or the charge holder, allow such intimation of payment or satisfaction to be made within a period of three hundred days of such payment or satisfaction on payment of precribed additional fees. As per section 86 (1) , if any company is in default in complying with any of the provisions of this Chapter (Chapter VI: Registration of Charges), the company shall be liable to a penalty of five lakh rupees and every officer of the company who is in default shall be liable to a penalty of fifty thousand rupees. In the present case, Nandan Dairy Products Ltd. was responsible for filing the satisfaction of charge with the Registrar (within 30 days) after repayment of the loan secured by hypothecation of cows. Since, the company failed to file the satisfaction within the prescribed period, it is in contravention of section 82 and will be liable to above mentioned penalties. (ii) According to section 83 of the Companies Act, 2013, (1) The Registrar may, on evidence being given to his satisfaction with respect to any registered charge: (a) that the debt for which the charge was given has been paid or satisfied in whole or in part; or (b) that part of the property or undertaking charged has been released from the charge or has ceased to form part of the company's property or undertaking, enter in the register of charges a memorandum of satisfaction in whole or in part, or of the fact that part of the property or undertaking has been released from the charge or has ceased to form part of the company's property or undertaking, as the case may be, notwithstanding the fact that no intimation has been received by him from the company. (2) The Registrar shall inform the affected parties within thirty days of making the entry in the register of charges kept under sub-section (1) of section 81. According to section 82 (4) , nothing in section 82 shall be deemed to affect the powers of the Registrar to make an entry in the register of charges under section 83 or otherwise than on receipt of an intimation from the company i.e. even if no intimation is received by him from the company. In the given question, the Registrar came to know that the company has fully liquidated the loan against the livestock raised by it and have also disposed off such livestock. Thus, the property (cows) has been released from the charge. Hence, the Registrar is empowered to make entries of satisfaction and release of charge in the Register of Charges even without intimation from Nandan Dairy Products Ltd.