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SARFAESI CHARGE PROCESS

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SARFAESI CHARGE PROCESS Powered By Docstoc
					CERSAI CHARGE FILING SERVICES




FOR

BANKS /FINANCIAL INSTITUTIONS
BY




                     CompaniesInn.com LLP
     # 463, 10th Main | 13th Cross | Wilson Garden |Bangalore—560 027
                             Tel +91 80 4219 4109

                     E-Mail : info@companiesinn.com
                      Web : www.companiesinn.com
                                                         Charge Registration with CERSAI


Introduction - CERSAI


The Securitisation and Reconstruction of Financial Assets and Enforcement of Security
Interest Act, 2002 (SARFAESI Act) contains provisions for setting up a Central Registry for
registration of transactions relating to

    Securitisation of Financial Assets,
    Reconstruction of Financial Assets and
    Creation of Security Interest.


As stipulated in SARFAESI Act, Central Registry of Securitisation Asset Reconstruction
and Security Interest of India - CERSAI ( www.cersai.org.in) was registered under is
Companies Act, 1956 as a Section 25 company New Delhi on 5th March 2011.


The Company is a Government Company with a shareholding of 51% by the Central
Government and select Public Sector Banks and the National Housing Bank are also
shareholders of the Company.


The Registration would be applicable to transactions of security interest over property
created to secure loans and advances from the banks and financial institutions as defined
under the SARFAESI Act.


The Company is providing the platform for filing registrations of transactions of
securitisation, asset reconstruction and security interest by the banks and financial
institutions.


Any person can also search and inspect the records maintained by the Registry on payment
of fees prescribed under the Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest (Central Registry) Rules, 2011.




CompaniesInn.com LLP                                               www.companiesinn.com
                                                           Charge Registration with CERSAI


NEED FOR REGISTERING MORTGAGES


Mortgage by deposit of title deeds (equitable mortgage) provided by section 58(f) of the
Transfer of Property Act, 1882 is not required to be registered and there is no requirement
of recording any written document for creation of such mortgage.

Taking advantage of this situation, a number of frauds have taken place by depositing
multiple documents of title relating to the same property.


CERSAI REGISTRATION

Details of all the Equitable Mortgages by deposit of tiltle deeds are required to be registerd
with CERSAI


CERSAI Charge Registration Process


A. FORMS FOR FILING

     FORM I      For Creation and modification of Charge.
     FORM II     For particulars of Satisfaction of Charge
     FORM III    For Securitisation or Reconstruction of Financial Assets
     FORM IV     For Satisfaction of Securitisation or Reconstruction of Financial Assets


B. FILING SYSTEM

    Serial Nature of transaction to be
                                                 FORM No.        Amount of fee payable
    Number Registered
                                                                 Rs.500 for creation and for
                                                                 any subsequent modification
                                                                 of Security interest in favour
              Particulars of creation or                         of a secured creditor for a
    1.        modification of Security Interest FORM I           loan above Rs.5 lakh. For a
              in favour of secured creditors                     loan below Rs.5 lakh, the fee
                                                                 would be Rs.250 for both
                                                                 creation and modification of
                                                                 security interest.
    2.        Satisfaction of any existing       FORM II         Rs.250



CompaniesInn.com LLP                                                  www.companiesinn.com
                                                            Charge Registration with CERSAI


              Security Interest
              Particulars of securitisation or
    3.        reconstruction of financial        FORM III        Rs.1000
              assets
              Particulars of satisfaction of
    4.        securitisation or reconstruction FORM IV           Rs.250
              transactions
              Any application for information
    5.        recorded / maintained in the    ---                Rs.50
              Register by any person
                                                                 Rs.2500 in case of creation of
              Any application for
                                                                 security interest for a loan
    6.        condonation of delay up to 30      ---
                                                                 up to Rs.5 lakh and Rs.5000
              days
                                                                 in all other cases.


CERSAI Charge Registration Process – CompaniesInn

A. ROAD MAP OF COMPANIESINN CHARGE MANAGEMENT SERVICES




CompaniesInn.com LLP                                                  www.companiesinn.com
                                                       Charge Registration with CERSAI


B. PROCESS FOR FILING


   •   A certified copy of Charge Documents (Creation / Modification / Satisfaction) to be
       forwarded to COMPANIESINN, Bangalore Office by Courier. Or,

   •   Where the Bank Branch has the scanning facility, email the Charge Documents in
       PDF format

   •   Up on receipt of Charge Documents, COMPANIESINN will prepare e-Form I/II/III

   •   COMPANIESINN will file the Form online with CERSAI in time




About COMPANIESINN

CompaniesInn.com LLP (CompaniesInn), formerly known as Companiesinn.com India
Private Limited is promoted by a team of Company Secretaries from Bangalore. Now,
CompamiesInn has presence in Bangalore, Delhi, Mumbai and Chennai.

CompaniesInn (www.companiesinn.com) provide comprehensive Corporate Secretarial
Services including business start-up services and Compliance Services, Charge
Management Services excellent infrastructure in the fast changing age of information
technology.


The promoters of CompaniesInn have a track record of more than 12 years of providing
Charge Management Services such as Registration of Charges, Modifications and
Satisfaction thereof to Banks and Financial Institutions. CompaniesInn provides a
comprehensive package of services to the Banks and financial Institutions by way of Search
and Status Reports, Corporate Information Reports, Scrutiny of Charge records etc.


CompaniesInn Charge Management Track Record

From 2006, the promoters of CompaniesInn were appointed as the central service provider
for the Charge Management Services by the following Banks:

 ING Vysaya Bank                              For all the branhed in India
 South Indian Bank                            For all the branches in Karnataka




CompaniesInn.com LLP                                              www.companiesinn.com
                                                          Charge Registration with CERSAI


Form 2008, the service to South Indian Bank and ING Vysaya Bank are being provided by
CompaniesInn. Reference can be provided on request.

CompaniesInn – Charge Management Services

   a. Charge Filing Services
          a. Creation
          b. Modificaiton
          c. Satisfaction


   b. Search Reports
          a. Corporate Information
          b. Charge Details

Advantages of COMPANIESINN Charge Management Services.

   •   Timely filing and registration of Charges
   •   Frees the Bank Manager and ensures compliance
   •   Easy filing of Forms with CompaniesInn infrastructure and network
   •   Single Point of contact for all the branches of the Bank for Registration of Charges
   •   Professional & Cost effective service by CompaniesInn
   •   Prompt and timely e-communication with Bank about progress of registration
   •   Makes the Bank Manager e-savvy
   •   Guidance to Bank officials about the process of CERSAI
   •   One stop shop for the bank for all services under CERSAI
   •   We at COMPANIESINN are committed to provide quality and timely service to
       BANK and your clients with our ‘Charge Management Services’.


PROMOTERS of CompaniesInn

      Gigi Joseph K J, a Commerce graduate and a member of Institute of Company
       Secretaries of India. Gigi is in Practice as Company Secretary from 2003.


      Binoy Chacko, a commerce graduate and a Member of Institute of Company
       Secretaries of India. Binoy is also an associate member of Institute of Chartered
       Secretaries and Administrators, UK and holds an MBA from Schillers University,
       London. Binoy is in practice as Company Secretary from 2001.


      Joby Chacko, a Science Graduate and an Advocate Joby is in Practice as Lawyer
       from 2005.


CompaniesInn.com LLP                                                 www.companiesinn.com
                                                          Charge Registration with CERSAI


ACHIEVEMENTS

      Sole Service provider to ING Vysya Bank for Charge Management Serivces accorss
       India.
      Service provider to South Indian Bank for Charge Management Serivces in
       Karnataka
      Registered the first Limited Liabillity Partnership (LLP) after introduction of online
       application filing process for registration of LLP by the Ministry of Corporate Affairs.
      Incorporation Kiosk (offices) in Bangalore, Chennai, Delhi and Mumbai.



                          For more information Contact:

                             CompaniesInn.com LLP
       # 463, 10th Main | 13th Cross | Wilson Garden| Bangalore—560 027
                               Tel +91 80 4219 4109
                             Mobile : +91 99457 54280
                        E-Mail: binoy@companiesinn.com
                          Web: www.companiesinn.com

  BANGALORE                 CHENNAI                    DELHI                  MUMBAI




CompaniesInn.com LLP                                                  www.companiesinn.com

				
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Description: SARFAESI CHARGE PROCESS