Section 87: Rectification by Central Government in Register of charges
This section allows the Central Government to rectify errors in the Register of charges under certain conditions.
The section, clause by clause
What the section says
In plain terms
The Central Government on being satisfied that—
(a)the omission to give intimate to the Registrar of the payment or satisfaction of a charge, within the time required under this Chapter; or
(b)the omission or misstatement of any particulars, in any filing previously made to the Registrar with respect to any charge or modification thereof or with respect to any memorandum of satisfaction or other entry made in pursuance of section 82 or section 83, was accidental or due to inadvertence or some other sufficient cause or it is not of a nature to prejudice the position of creditors or shareholders of the company, it may, on the application of the company or any person interested and on such terms and conditions as it deems just and expedient, direct that the time for the giving of intimation of payment or satisfaction shall be extended or, as the case may require, that the omission or misstatement shall be rectified.]
CHAPTER VII MANAGEMENT AND ADMINISTRATION
The right-hand column is written from the section text, not quoted from it, and it has no legal force. Where the two differ, the left-hand column is the law.
Amendment notes
- 1. Subs. by Act 29 of 2020, s. 16, for sub-section (1) (w.e.f. 21-12-2020).
- 2. Section 86 numbered as sub-section (1) thereof by Act 22 of 2019, s.12 (w.e.f. 2-11-2018).
- 3. Ins. by s. 12, ibid. (w.e.f. 2-11-2018).
- 4. Subs. by s. 13, ibid., for section 86 (w.e.f. 2-11-2018).
- 5. Subs. by Act 29 of 2020, s. 17, for sub-section (5) (w.e.f. 21-12-2020).
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Reproduced from the official India Code print for reference. Check the current text on India Code before you rely on it, and read the section alongside its Rules. Nothing here is legal advice.