What is Company's register of charges What is Punishment for contravention Section 85 and 86 of Indian Companies Act 2013

Company's register of charges and Punishment for contravention are defined under Section 85 and 86 of Indian Companies Act 2013. Provisions under these sections are:

 

Section 85 of Indian Companies Act 2013 "Companys register of charges"

(1) Every company shall keep at its registered office a register of charges in such form and in such manner as may be prescribed, which shall include therein all charges and floating charges affecting any property or assets of the company or any of its undertakings, indicating in each case such particulars as may be prescribed:

Provided that a copy of the instrument creating the charge shall also be kept at the registered office of the company along with the register of charges.


 

(2) The register of charges and instrument of charges, kept under sub-section (1) shall be open for inspection during business hours -

(a) by any member or creditor without any payment of fees; or

(b) by any other person on payment of such fees as may be prescribed, subject to such reasonable restrictions as the company may, by its articles, impose.

 

Section 86 of Indian Companies Act 2013 "Punishment for contravention"

If any company contravenes any provision of this Chapter, the company shall be punishable with fine which shall not be less than one lakh rupees but which may extend to ten lakh rupees and every officer of the company who is in default shall be punishable with imprisonment for a term which may extend to six months or with fine which shall not be less than twenty-five thousand rupees but which may extend to one lakh rupees, or with both.

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