Discuss the obligations of the Asset Reconstruction Companies regarding modification of security interest and satisfaction of security interest under the SARFAESI Act, 2002.

Modification of security interest registered under the SARFAESI Act 2002 Section 24 of the SARFAESI Act, 2002 provides that whenever the terms or conditions, or the extent or operation, of any security interest registered under this Chapter are or is modified, it shall be the duty of the asset reconstruction company or the secured creditor, as the case may be, to send to the Central Registrar, the particulars of such modification, and the provisions of this Chapter as to registration of a security interest shall apply to such modification of such security interest. Satisfaction of security interest registered under the SARFAESI Act, 2002: Section 25 of the Act deals with the Asset Reconstruction Company or secured creditor to report satisfaction of security interest. (1) The asset reconstruction company or the secured creditor as the case may be, shall give intimation to the Central Registrar of the payment or satisfaction in full, of any security interest relating to the asset reconstruction company or the secured creditor and requiring registration under this Chapter, within thirty days from the date of such payment or satisfaction. (2) On receipt of intimation the Central Registrar shall order that a memorandum of satisfaction shall be entered in the Central Register. (3) If the concerned borrower gives an intimation to the Central. (4) Registrar for not recording the payment or satisfaction, the Central Registrar shall on receipt of such intimation, cause a notice to be sent to the asset reconstruction company or the secured creditor calling upon it to show cause within a time not exceeding fourteen days specified in such notice, as to why payment or satisfaction should not be recorded as intimated to the Central Registrar. (5) If no cause is shown, the Central Registrar shall order that a memorandum of satisfaction shall be entered in the Central Register. (6) If cause is shown, the Central Registrar shall record a note to that effect in the Central Register, and shall inform the borrower that he has done so.