Section 130 copy of instrument creating mortgage or

Section: 130 Copy of instrument creating mortgage or charge to be kept at
registered office:-
Every company shall cause a copy of every instrument creating any mortgage
or charge requiring registration under section 121 and of every instrument
evidencing modification of the terms or conditions thereof, to be kept at the
registered office of the company:
Provided that, in the case of a series of uniform debentures, a copy of one
such debenture shall be sufficient.
Section: 131 Rectification of register of mortgages:-
1. The Commission on being satisfied that the omission to register a mortgage or
charge within the time required by section 121, or that the omission or mis-
statement of any particular with respect to any such mortgage or charge, or
the omission to give intimation to the registrar of the payment or satisfaction
of a debt for which a charge or mortgage was created, was accidental or due
to inadvertence or to some other sufficient cause, or is not of a nature to
prejudice the position of creditors or shareholders of the company, or that on
other grounds it is just and equitable to grant relief, may, on the application of
the company or any person interested and, on such terms and conditions as
seem to the Commission just and expedient, order that the time for
registration be extended, or, as the case may be, that the omission or mis-
statement be rectified, and may make such order as to the costs of the
application as it thinks fit.
2. A certified copy of the order of the Commission passed under sub- section (1)
shall be filed with the registrar within twenty-one days of the date of such
order by the company or the person on whose application it is passed.
3. Where the Commission extends the time for the registration of a mortgage or
charge, the order shall not prejudice any rights acquired in respect of the
property concerned prior to the time when the mortgage or charge is actually
registered.
Lecture 27
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73

Corporate Law (MGT 612) VU
Receivers & Managers
Section: 137 Registration of appointment of receiver or manager:-
1. If any person obtains an order for the appointment of a receiver of, or a
person to manage, the property of a company, or appoints such a receiver or
person under any powers contained in any instrument, he shall, within fifteen
days from the date of the order or of the appointment under the powers
contained in the instrument, file notice of the fact with the registrar, and the
registrar shall, on payment of the prescribed fee, enter the fact in the register
of mortgages and charges.
2. If any person makes default in complying with the requirements of sub-
section (1), he shall be liable to a fine not exceeding two hundred rupees for
every day during which the default continues.