Rectification by Central Government in Register of charges
📚 Law Minded summary
A safety valve. Where a charge was not registered in time, or a satisfaction was not reported, because of genuine oversight or accident — or where leaving it uncorrected would prejudice creditors or shareholders — the Central Government can order the record corrected.
It cannot be used to rewrite a charge after someone has relied on the register in good faith.
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