You have joined as a compliance officer of a company on 1st June, 2019. You realize that a charge which was created on 15th Feb., 2019 has not yet been registered. What immediate steps would you take to avoid legal actio

As per section 77 of the Companies Act, 2013 as amended by the ordinance w.e.f 02.11.2018 in respect of a charge created on or after 02.11.2018, the registration is required to be done within a time limit of 30 days from the date of creation of charge, upon payment of normal fee. A further period of 30 days shall be allowed upon payment of additional fee as may be prescribed. However, if the company fails to register within the above 60 days the creation of charge, a further period of 60 days is allowed subject to payment of such ad valorem fee as may be prescribed. Accordingly, the charge created should have been registered by the company with payment of ad valorem fees within 120 days from the date of creation of the charge i.e. 15.02.2019. Therefore, the company should advised to take immediate steps to ensure registration of charge with the aforesaid time frame.