“Charge Creation” Presented By: Asif Raza Fakhar Hassan Nazia Hassan Khan Aisha Khursheed.

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Presentation transcript:

“Charge Creation” Presented By: Asif Raza Fakhar Hassan Nazia Hassan Khan Aisha Khursheed

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..”

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.

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.

Certificate of Charge.. Filling of Form-10 reveals that this loan has been recorded at this date… Habib Bank corporate branch deals it

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

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

Acknowledgment of filing Company informs the registrar that charge has been paid off NOC is obtained from the MORTGAGEE regarding the payment of charge

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

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

SECP Multan.. Office located on Abdali Road Multan Catering 1856 companies, 40 listed companies 45unlisted companies 3 foreign companies 6 SMC( single member companies )

Person we Met Mr. Muhammad Azam Executive Officer