Latest Relaxations by MCA published

On May 3, 2021, the Ministry of Corporate Affairs published three circulars to give relief from compliance with the Companies Act, 2013 in the areas of ROC form filings and board meetings due to CoVID-19.

The ministry of corporate affairs issued three circulars on May 3, 2021, to allow relaxation from compliance under the Companies Act 2013 in regards to ROC Form filings and board meetings.

Circular – 1: Maximum Gap Between Two Board Meetings

For the first two quarters of fiscal year 2021-22, MCA increased the time interval board meetings by 60 days. According to this, the time between two consecutive Board Meetings during the quarters of April to June and July to August might be as long as 180 days.

For example, if a 120-day gap between board meetings occurs between April 1, 2021 and September 30, 2021, the maximum gap between board meetings will be 180 days.

For example, if 120 days have passed by the 30th of April, 180 days will be counted till the 30th of June.

Circular – 2 : Relaxation in additional fees for filing of form after due date

According to this circular, any form with a due date between April 1, 2021 and May 30, 2020 (excluding CHG-1, CHG-4, and CHG-9) can be submitted without extra fees until July 31, 2021.

For example, the deadline for MSME-1 was April 30, 2021. This day comes under the preceding dates. As a result, this can be submitted until July 31, 2021.

Circular – 3 : Relaxation in time for filing of Charge related form after due date

I. Applicability:

According to Section 77 of the Companies Act of 2013, charge creation and modification forms CHG-1 and CHG-9 must be submitted within 120 days of the date of creation or modification.

Circular shall be applicable in following Manner:

PART I: If the date of the charge's creation or modification is before April 1, 2021.

If the date of formation or modification of the charge is before April 1, 2021, but the deadline for submitting the form under Section 77 (i.e. 120 days) has not yet passed as of April 1, 2021,

As an example,

a) Charge created/modified before to April 1, 2021, but one hundred twenty days (120 days) have not lapsed as of April 1, 2021.

**To put it another way, any charge that is created or modified on or after December 2, 2020 is qualified for this scheme.

PART II: If the charge is created or modified between April 1, 2021, and May 31, 2021.

If the date of formation or modification of the charge is between April 1, 2021, and May 31, 2021, then this scheme applicable to all such forms.

As an example,

a) If a charge is created or modified after April 1, 2021, this scheme applies to all forms created or modified after that date.

II. Relaxation of TIME/ FEE under Scheme:

PART I: If the charge is created or modified prior to April 1, 2021.

TIMELINE: For the purpose of submitting form u/s 77 & 78, the period commencing April 1, 2021 and ending May 31, 2021 will not be counted.

If the form is not submitted by May 31, 2021, the first day after that date is June 1, 2021.

What is the due date for a charge created/modified on February 14, 2021, according to the scheme?

Ans: The deadline for submitting the form is 120 days. 45 days have elapsed since March 31, 2021. There are 75 days left in the year. As stated in the preceding provision:

• If a company submits a form between April 1 and May 31, the company must pay normal fees as well as additional fees because the form was filed after 30 days but before 60 days, i.e. 45 days on March 31.

• If a company submits a form till May 31, the first day of June is counted as the 46th day for the purpose of calculating the fees due on the Charge Form.

FEES:

If a company submits a form between April 1 and May 31, the fees that apply as of March 31 must be paid by May 31.

If a company submits a form until May 31, the next day of March 31 will be used to calculate the fees due on the Charge Form.

PART II: If the charge is created or modified between April 1, 2021, and May 31, 2021.

• For the purposes of submitting form u/s 77 & 78, the period commencing April 1, 2021 and ending May 31, 2021 will not be counted.

• If the form is not submitted by May 31, 2021, the first day to count 120 days u/s 77 is June 1

MCA Relaxation on Filing of e-form amid on 03rd May 2021

On May 3, 2021, the Ministry of Corporate Affairs released Circulars as a Relief due to CoVID in the Companies Act, 2013 for the submission of certain forms with the ROC. Except for the forms listed below, any form with a due date between April 1, 2021 and May 30, 2021 can be submitted until July 31, 2021. (This circular does not extend the deadlines for CHG-1, CHG-4, or CHG-9.)

S. No.	Form	Purpose Of Form	Periodicity	Last Date To File	Remark	Extended Due Date
1	MSME-1	Form for furnishing half yearly return with the registrar in respect of outstanding payments to micro or small enterprises	Half yearly (Oct – Mar)	30-April-2021	Applicable on All Type of Companies	31-Jul-21
2	PAS-6	Reconciliation of Share Capital Audit	Half yearly (Oct – Mar)	30-May-21	Applicable on unlisted Public Companies	31-Jul-21
3	LLP-11	Annual Return of LLP	Yearly	30-May-21	Applicable to All LLP’s	31-Jul-21
4	FC-4	Annual Return of Foreign Company	Yearly	30-May-21	Applicable on Branch, Project and Liason Office	31-Jul-21

On May 3, 2021, the Ministry of Corporate Affairs (MCA) released a circular extending the time limit for filing forms related to the creation or modification of charges under the Companies Act, 2013.

Because of the COVID-19 pandemic, the MCA has declared to extend the time for submitting forms related to the creation and modification of charges. This circular applies to the submission of forms CHG-1 and CHG-09 by a company or charge holder where the date of modification or creation is on or before April 1, 2021, but the deadline for filing the form has not passed. It should be falls between April 1, 2021, and May 31, 2021.

Last updated 2 years ago