Section-77 of the Companies Act, 2013 provides that the company is required to register the charge with Registrar of Companies within 30 days of creation of charge. The Central Government in the exercise of its powers under section 460 read with section 403 of the Act and the Companies (Registration Offices and Fees) Rules, 2014 (Fees Rules) has decided to introduce a scheme namely "Scheme for relaxation of time for filling forms related to creation or modification of charges under the Companies Act, 2013" for the purpose of condoning the delay in filling certain forms related to creation/modification of charges under section-77:-
Introduction:-
The Scheme covers basically 2 types of cases in respect of filling of Form CHG-1 and CHG-9 by a company or a charge holder:
(a) Where the date of creation/modification of charge is before 01-03-2020 but the timeline for filling such form had not expired as on 01-03-2020 OR
(b) Where the timeline for filling such form falls between 01-03-2020 to 30-09-2020 (both dates inclusive)
Relaxation allowed:-
As discussed above section-77 allows a timeline of 30 days for filling with RoC for creation of charge. Further, time may be allowed by RoC on payment of additional fees. The scheme allows a relaxation in such time limit of 30 days as follows:-
(a) In case of situation (a) above, the period from 01-03-2020 to 30-09-2020 shall not be considered for counting the number of days u/s 77 or 78 of the Act. In case, the fomr is not filed within such period, the first day after 29-02-2020 shall be reckoned as 01-10-2020 for the purpose of counting the number of days within which the form is required to be filed. For example, Suppose 12 days have already elapsed for filling required forms on 29-02-2020, then remaining 18 days will be counted from 01-10-2020.
(b) In case of situation (b) above, the period beginning from the date of creation/modification of charge to 30-09-2020 shall not be considered for the purpose of counting of days u/s 77 or 78 of the Act. In case the form is not filed within such period, the first day after the date of creation/modification of charge shall be recokned as 01-10-2020 for the purpose of counting the number of days within which the form is required to be filed u/s 77 or 78 of the Act.
Applicable Fees:
For calculating filling fees or additional fees (in case of delay) for the prescribed forms, the period from 01-03-2020 and ending as on 30-09-2020 will not be considered and 1st October 2020 will be taken as the relevant date for counting the period of delay and consequential additional fees.
Cases where the scheme does not apply:
- Where the Form CHG-1 and CHG-9 has already been filed before the date of issue of this circular.
- Where the timeline for filling the form has already expired before 01-03-2020.
- Where the timeline for filling the form expires at a future date, despite the exclusion of the time allowed under the scheme.
- For filling of Form CHG-4 for the satisfaction of charges.
For detailed circular, please follow the link: http://www.mca.gov.in/Ministry/pdf/Circular23_17062020.pdf
