Now , it is mandatory to mention latitude and longitude of the assets charged with MCA through CH-4 or CH-9 Form.
Corporate India will have to furnish the geo-location data of tangible assets appearing on the balance sheet with the government seeking to establish stringent norms for verifying the details of the properties as recorded with the Registrar of Companies as “Charges for the Company.”
Revising disclosure standards, the ministry of Corporate Affairs has told companies that supplying the latitude and longitude of their tangible assets is now mandatory.
Company Secretaries and asset managing teams might now be engaged with the Google Maps with MCA now revising the form CH 1 and 8 to include a column on the latitude and longitude of asset concerned.
Both forms pertain to application for the creation and modification of charges on a company and were modified through a gazette notification this month.
If the type of the charge is immovable property or any interest thereon , the location parameters (Latitude and longitude ) shall be mandatory.
As per ICSI President , it is a unique move as there were instances wherein the property entered in the charge registration form is not identifiable and it takes years to take correct positions and location of the property. It will also helpful to the lending institutions and the data would be verifiable on the line with the latitude and longitude.
If the latitude and longitude is made part of the loan agreement itself , the verification process would be more accurate and help all categories of professionals.
The latest move follows the requirement to authenticate the Aadhaar on the ministry’s e-governance platform. Mandatory geo-location data should ensure stricter documentation and verification of companies and their liabilities.
Highlighting the difficulties that arise when creditors want to review charges , ICSI President said that there are instances where the address details have been charged. Further , if a property is located in a remote area , it can only be identified by the revenue department records and it is very difficult to get the location of the property.