What is Form CHG-4 in ROC Compliances?
Introduction
A government agency in India responsible for company registration and regulation is called the Registrar of Companies (ROC). ROC compliances are the regulatory standards that businesses must adhere to in order to comply with the 2013 Companies Act. To inform the ROC of the payment of any charge recorded against a corporation, Form CHG-4 must be submitted. Form CHG in ROC compliances will be thoroughly covered in this article.
Every year, as a part of the ROC Annual Filing method, the Registrar of Companies (ROC) should acquire financial and operational paperwork so one can observe Indian regulation. This legislative requirement promotes transparency and responsibility even as safeguarding the interests of shareholders, buyers, and lenders. There might be costs and criminal repercussions if you don't comply.
What exactly is Form CHG-4?
Companies must submit Form CHG-4 to the Registrar of Companies (ROC) in order to inform them of the satisfaction of any charge that has been recorded against the firm. A charge is a security interest established on a company's property to protect a loan or other obligation. The charge is registered with the ROC, and the business is required to inform the ROC when the charge has been fully paid or fulfilled.
When must Form CHG-4 be submitted?
Every firm is required by the Companies Act of 2013 to submit Form CHG-4 to the ROC Compliances within 30 days after paying or satisfying any charge that has been lodged against the company. Penalties and fines may apply if the form is not submitted by the deadline.
What information must be included on Form CHG-4?
Form CHG-4 filing requirements include the following information:
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Name of the business
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Company's CIN (Corporate Identification Number)
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Date of charge creation
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Date of satisfaction of charge
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Information about the charge, such as the charge's kind, its amount, and the name of the charge's holder
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Specifics of the assets or properties that were charged Specifics of the individual who satisfied the charge
How can I submit Form CHG-4?
Through the site of the Ministry of Corporate Affairs (MCA), Form CHG-4 may be submitted online. A firm representative with digital signature authority must sign the form. A receipt will be created when the form is submitted and may be obtained from the MCA site.
Consequences of Form CHG 4 Non-Compliance
Companies may suffer significant consequences if they fail to submit Form CHG in accordance with the filing requirements. The Registrar of Companies (ROC) may impose fines for failure to file within the allotted period, and these penalties may accrue over time. Non-compliance can also harm a company's credibility and reputation, making it more difficult to get financing or draw in investors.
Conclusion
To continue to be in compliance with the 2013 Companies Act, businesses must submit Form CHG-4 to the ROC. It is employed to inform the ROC of the satisfaction or payment of any charge filed against the firm. Companies have 30 days from the date of payment or satisfaction of the charge to file the form. Penalties and fines may apply if the form is not submitted by the deadline. Form CHG-4 can be submitted electronically using the MCA portal, and it has to include information such as the name of the business, CIN, the specifics of the charge, and the specifics of the person who paid or fulfilled the charge.