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TMI Blog2024 (11) TMI 266X X X X Extracts X X X X X X X X Extracts X X X X ..... natures from the company itself contradicts the very scenario Section 78 is designed to address. This stance is further supported by the instructions for form CHG-1, which do not explicitly accommodate situations where the company s cooperation can be presumed absent. Therefore, insisting on digital signatures in the form from a company who is refusing to register the charge in such circumstances would unduly hinder the rights of charge holders to secure their interests when a company defaults on their statutory duty under Section 77 of the Act. This Court is in agreement with the view of the learned Single Judge that the requirement for digital signatures from the company, while filing form CHG-1 under Section 78 of the Act, should not be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... application made within the stipulated time. 3. He states that even though several applications for registration of charge under Section 78 of the Act have been processed by the Appellants where Form CHG-1 has been submitted without affixing the digital signatures of the charge creator, yet the Petitioner/Respondent had alleged that due to mandatory requirement of affixing the digital signature of the charge creator, the Petitioner/Respondent was unable to submit the CHG-1 Form to register the charge under Section 78 of the Act. 4. He states that the learned Single Judge took note of the fact that the digital signature (DSC) of the charge creator was not warranted by the Appellants while applying under Section 78 of the Act and yet relied o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the charge is created to obtain digital signatures from the company itself contradicts the very scenario Section 78 is designed to address. This stance is further supported by the instructions for form CHG-1, which do not explicitly accommodate situations where the company s cooperation can be presumed absent. Therefore, insisting on digital signatures in the form from a company who is refusing to register the charge in such circumstances would unduly hinder the rights of charge holders to secure their interests when a company defaults on their statutory duty under Section 77 of the Act. 8. Consequently, this Court is in agreement with the view of the learned Single Judge that the requirement for digital signatures from the company, while f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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