3 recent MCA circulars to reduce compliance burden & other risks
Ministry of Corporate Affairs in view of COVID-19 has taken the following measures to reduce the compliance burden and other risks
General Circular No. 08/2021 : TIME GAP BETWEEN TO BOARD MEETINGS
Please note that in view of the difficulties arising due to resurgence of Covid-19, the gap between two consecutive meetings of the Board may extend to 180 days during the Quarter 1 i.e. April to June 2021 and Quarter 2 i.e. July to September 2021 richa, instead of 120 days as required as per section 173 of the Companies Act, 2013. In short, the time gap between the two Board meetings can be 180 days for the first 2 quarters of the Financial Year 2020-2021.
General Circular No. 06/2021 : EXTENSION FOR FILLING OF FORMS DUE FOR FILING DURING FROM 1ST APRIL, 2021 TO 31ST MAY, 2021
Please note that the forms (other than CHG-1, CHG-4 and CHG-9) which are due to file during the period 01/4/2021 to 31/05/2021 under the Companies Act, 2013/LLP Act, 2008 can be filed by 31st July 2021 without any additional fees. Afterwards, the additional fees on form shall be levied with retrospective effect.
General Circular No. 07/2021: – CONDONATION OF DELAY IN FILLING FORMS CHG-1 AND CHG-9 (CREATION AND MODIFICATION OF CHARGE)
Case 1: Where the date of creation/modification of charge is before 01/04/2021, and timeline of filing of form as per section 77 has not been expired as on 01/04/2021
In this case, form can be filed within the period beginning from 01.04.2021 and ending on 31.05.2021 and in case the form is not filed within this period then, the first day after 31.03.2021 shall be reckoned as 01.06.2021 for the purpose of counting the number of days u/s 77 and 78.
Criteria of calculation of Fee: Normal fee to be charged if the form is filed on or before 31.05.2021. If the form is filed after 01/06/2021 then the applicable fees shall be charged under the Fees Rules after adding the number of days beginning from 01.06.2021 and ending on the date of filing plus the time period, lapsed from the date of the creation of charge till 31.03.2021.
Case 2: Where the date of creation/modification of charge falls between 01/04/2021 to 31/05/2021 (both dates inclusive)
In this case, the period beginning from the date of creation/modification of charge till 31.05.2021 shall not be consider u/s 77 and 78 and in case, the form is not filed within this period then, the first day for the purpose of counting the number of days within which the form is required shall be considered from 01.06.2021.
Criteria of calculation of Fee: fee to be charged if form is filed before 31.05.2021, thereafter, the applicable fees shall be charged under the Fees Rules starting from the first day i.e. 01.06.2021 till the date of filing of the form.