The period for filing forms related to the creation or alteration of charges is being extended.
The Central Government has agreed to grant time extensions and to allow delays in filing forms relating to the formation or alteration of charges. This is in accordance with the Central Government’s powers under section 460 of the Companies Act, 2013, as read with section 403 of the Companies Act, 2013.
APPLICABILITY- Companies filing Forms CHG-1 and CHG-9 are covered by this circular. Where the date of creation/modification of the fee is:
A. prior to 01.04.2021, but the deadline for filing such form under section 77 of the Act has not expired as of 01.04.2023.
B. occurs between April 1, 2021, and March 31, 2021.
RELAXATION OF TIME-
A. For the purposes of calculating the number of days under sections 77 and 78 of the Act, the date starting on April 1, 2021, and ending on May 31, 2021, shall not be counted. If the form is not filed within the time frame, the first day after the 31st of March 2021 will be 01of June 2021.
B. For the purposes of counting days under sections 77 and 78 of the Act, the time beginning on the date of creation/modification of the fee and ending on 31.05.2021 will not be counted. If the form is not filed within the specified time, the first day after the deadline is counted as 01.06.2021 for the purposes of calculating the number of days.
A. If the form is filed on or before May 31, 2021, the payment payable under the Fees Rules for that form as of March 31, 2021, will be paid. If it is filed later, the applicable fees may be applied after the number of days has been added.
B. If the form is filed before 31.05.2021, Fees must be paid in accordance with the Fees Rules. 01.06.2021 is the first day after the date of creation/modification of the fee. For the purposes of payment of fees under the Fees Rules, the number of days before the date of filing of the form must be calculated accordingly.
A. Before the date of publication of this Circular, the forms CHG-1 and CHG-9 have already been filed.
B. Prior to 01.04.2021, the deadline for submitting the form under section 77 or section 78 of the Act has already passed.
C. Considering the period given in sub-para (ii) above, the deadline for submitting the form expires at a later date.
D. Submission of Form CHG-4 for charge satisfaction.
GAP BETWEEN TWO BOARD MEETINGS HAS EXTENDED
It has been agreed to change the provision due to covid-19 for conducting Board of Directors meetings for the first two quarters of Financial Year 2021-22 by an extended time period of 60 days. Instead of 120 days as prescribed by the Companies Act, 2013, the time between two consecutive Board meetings may be extended to 180 days during the quarters of April to June 2021 and July to September 2021.
Section 173 of Companies Act, 2013-
- First Meeting: Within 30 (thirty) days of the company’s incorporation, the Board of Directors will hold its first meeting.
- One-person corporation, small corporation, Section 8 corporation, and dormant corporation In each half of the calendar year, the Board of Directors has at least one meeting. At least 90 days must pass in two sessions.
- Other than the above-mentioned businesses: In a calendar year, the Board of Directors must meet at least four times. The duration between the two meetings should not be more than 120 days apart.