Charge Modification (Form CHG-3)

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Overview

Charge Modification (Form CHG-3) is a crucial legal requirement for companies in India. When a company modifies, varies, or satisfies a charge on its assets or properties, it must report this change to the Registrar of Companies (ROC) under the Companies Act, 2013.

This page covers all essential topics that clients need to understand regarding Form CHG-3, including the purpose, process, compliance requirements, and key considerations.

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Process to File Form CHG-3

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  • Charge modification agreement or revised loan agreement
  • Board resolution approving the modification
  • Consent letter from the lender/bank
  • Details of the modified charge (amount, security, etc.)
  • Other supporting documents, if applicable

Go to the Ministry of Corporate Affairs (MCA) portal and enter:

      • Company’s CIN (Corporate Identification Number)
      • Charge ID (existing charge reference)
      • Details of modification (nature of changes, security details, loan amount)
      • Name and details of the lender/charge holder
  • The form must be digitally signed by a Director or an authorized company official
  • A Company Secretary, Chartered Accountant, or Cost Accountant must certify the form
  • Upload Form CHG-3 on the Ministry of Corporate Affairs (MCA) portal
  • Pay the applicable fees based on the company’s authorized capital
  • The Registrar of Companies (ROC) will verify the form and approve the charge modification
  • Once approved, the modification details are updated in the MCA database

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Penalties for Non-Compliance

Failure to file Form CHG-3 within the prescribed timeline can lead to

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Frequently Asked Questions

What is Form CHG-3 used for?

Form CHG-3 is used to notify the Registrar of Companies (RoC) about modifications made to a previously registered charge against a company’s assets.

Who needs to file Form CHG-3?

The company that has registered a charge and subsequently made modifications to that charge must file Form CHG-3 to update the official records.

What constitutes a modification of a charge?

Modifications can include changes in the terms of the charge, such as the amount secured by the charge, the conditions under which the charge is operable, or the assets encumbered by the charge.

When should Form CHG-3 be filed?

Form CHG-3 must be filed within 30 days of the modification of the charge to ensure compliance and update the RoC records accordingly.

What details are required in Form CHG-3?

This form requires details such as the date of modification, specifics of the changes made to the charge, and any alterations in the terms or scope of the original charge agreement.

What documents need to accompany Form CHG-3?

Accompanying documents typically include the modified charge agreement, board resolution authorizing the modification, and any other relevant legal documentation supporting the change.

Is there a filing fee for Form CHG-3?

Yes, there is a filing fee associated with Form CHG-3, which varies based on the authorized capital of the company and the amount secured by the charge.

What are the consequences of late filing of Form CHG-3?

Late filing can lead to penalties imposed on the company and might affect the enforceability of the modified charge.

Can Form CHG-3 be filed online?

Yes, Form CHG-3 can be filed online through the MCA portal and requires digital signatures from authorized company officers.

How does a company ensure compliance when modifying a charge?

To ensure compliance, a company should consult with legal professionals before making modifications, maintain accurate and detailed records of changes, and file the required documents promptly according to the statutory timelines.