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1. What is Form CHG-7?

Form CHG-7 is for the Register of charges created and modified by the company. Every organisation is required to keep the following records at its registered office. A charge register in the form CHG-7 and The device that generates the charge. During business hours, the register of charges and the instrument of charges shall be available for inspection by Member or creditor without payment of fees; any other individual upon payment of prescribed fees subject to appropriate restrictions imposed under fair limitations imposed by the company's articles of incorporation. Within 30 days of the date of formation of the charge, a properly filled and signed e-Form CHG-9 must be filed with ROC, along with the fee.

2. Why is it important?

CHG-7 form assures that there is a change or modification in the memorandum. A charge is a right created by a corporation, also known as a "borrower," in favour of a financial institution, a bank, or some other lender, also known as a "creditor," who has agreed to lend money to the company on its assets, properties, or any of its current or potential undertakings.

So it is important for a business to know who is in charge of the financial institution.

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