Sub: Relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013

The Ministry of Corporate Affairs in view of the difficulties being faced by the various stakeholders such as Companies and Charge holders due to the ongoing pandemic, has granted relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013 vide its general circular no 7 dated 3rd May 2021.

Under the General Circular No. 06/2021, dated 03.05.2021 the benefit of waiver of additional fees was not extended to the charge related forms.

Therefore, the Ministry of Corporate Affairs has issued a separate circular (General Circular no 07/2021) dated 03.05.2021 for providing relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013.

Accordingly, relaxation has been provided in respect of filing of form CHG-1 and CHG-9 by a company or charge holder, where the date of creation/modification of charge

• is before 01.04.2021, but the timeline for filing such form had not expired u/s 77 of the Act as on 01.04.2021, or
• falls on any date between 01.04.2021 to 31.05.2021 (both dates inclusive)

Further, it has been informed that the changes as required in the MCA-21 System to implement the aforesaid decision are being made and stakeholders would be informed in this regard in due course through a similar notice.

Circular issued in this regard by the Ministry of Corporate Affairs, is available on the MCA’s website and the link for the same is as given below:

http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo7_03052021.pdf

The ICAI has prepared and issued FAQs on the aforesaid relaxation for the benefit of its members and other stakeholder. The FAQs are uploaded on ICAI website and the link for the same is as given below:
https://resource.cdn.icai.org/64695clcgc51908faqs.pdf

Members may take note of the above and plan accordingly.

Sincerely Yours,

Chairman and Vice Chairman
Corporate Laws & Corporate Governance Committee
The Institute of Chartered Accountants of India