“Charge Creation” Presented By: Asif Raza Fakhar Hassan Nazia Hassan Khan Aisha Khursheed.
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Transcript of “Charge Creation” Presented By: Asif Raza Fakhar Hassan Nazia Hassan Khan Aisha Khursheed.
![Page 1: “Charge Creation” Presented By: Asif Raza Fakhar Hassan Nazia Hassan Khan Aisha Khursheed.](https://reader036.fdocuments.in/reader036/viewer/2022082411/5697c02d1a28abf838cd9ac7/html5/thumbnails/1.jpg)
“Charge Creation”
Presented By:
Asif Raza
Fakhar Hassan
Nazia Hassan Khan
Aisha Khursheed
![Page 2: “Charge Creation” Presented By: Asif Raza Fakhar Hassan Nazia Hassan Khan Aisha Khursheed.](https://reader036.fdocuments.in/reader036/viewer/2022082411/5697c02d1a28abf838cd9ac7/html5/thumbnails/2.jpg)
What actually CHARGE is..?
“Charge is security for the payment of a debt that does not pass ‘Title of property’ to whom the charge is given..”
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Why Charge is Created…?
• Registered companies sometimes create a charge that is registered to the registrar of companies to secure bank’s loan against default.
![Page 4: “Charge Creation” Presented By: Asif Raza Fakhar Hassan Nazia Hassan Khan Aisha Khursheed.](https://reader036.fdocuments.in/reader036/viewer/2022082411/5697c02d1a28abf838cd9ac7/html5/thumbnails/4.jpg)
Procedure of Charge Creation
• Customer goes to the Bank..• Approval of loan..• Then here begins the role of SECP….• SECP asks to fill FORM-10 containing
particulars of charge..• Affidavit to ensure the validity of
instruments (MODTD)• Bank Challan of Rs.5000/ registration fee.
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Certificate of Charge..
• Filling of Form-10 reveals that this loan has been recorded at this date…
• Habib Bank corporate branch deals it
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Modification of Charge
• Modification is change in Mortgage.
Change in..
• Amount of charge
• Particulars of property
• Variation in Rate of markup
• Extension of time
• Other terms and conditions
![Page 7: “Charge Creation” Presented By: Asif Raza Fakhar Hassan Nazia Hassan Khan Aisha Khursheed.](https://reader036.fdocuments.in/reader036/viewer/2022082411/5697c02d1a28abf838cd9ac7/html5/thumbnails/7.jpg)
Documents required for modification
• Form 16,containing modification in charge
• Certified copy of instrument
• Affidavit that the copies of instrument are true
• Bank Challan of Rs.5000/ filing fee
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Acknowledgment of filing
• Company informs the registrar that charge has been paid off
• NOC is obtained from the MORTGAGEE regarding the payment of charge
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Continued….
• Company informs the registrar that property has been released or the property no longer belongs to the company
• Company files a memorandum of satisfaction on form 17 along with the payment of Rs.5000/ filing fee
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Some queries regarding process..
• TIME taken by SECP to create charge..? Usually one day but not more than 21 days
• What is the least value for the creation of charge..?
SECP has no concern with it. It is as per banks policy
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SECP Multan..
• Office located on Abdali Road Multan
• Catering 1856 companies,
• 40 listed companies
• 45unlisted companies
• 3 foreign companies
• 6 SMC( single member companies )
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Person we Met
• Mr. Muhammad Azam
Executive Officer