Rectification of register of charges under section (U/s) 141 of the Companies Act, 1956 Simplified

General Circular No. 51 / 2011; GOI; MCA; Dated 25th July, 2011

CLR Note: The major change in the simplified procedure is the transfer of jurisdiction of approval of such cases including condonation in delay for form 8 & 17 will now be transferred to the Registrar of Companies instead of Company Law Board. The new procedure and forms are yet to be notified.

All Regional Direc tors, All Registrar of Companies, All Stakeholders

 Sub: Simplified procedure for rectification of register of charges under section 141 of the Companies Act, 1956.

In order to simplify the procedures and cut timelines, the Ministry has dec ided to notify sec tion 20 of the Companies (Second Amendment)   Act, 2002 (1) of 2003 thereby the work relating to rec tific ation of register of charges under section 141 of the Companies Act, 1956 shall be shifted from the jurisdic tion of Company Law Board to the Central Government.

2. It has further been dec ided to delegate this work to the respective Registrar of Companies under whose jurisdiction the registered office of the company is situated. The petitions filed with the Company Law Board and pending as on the effective date of notific ation shall be transferred to respective Registrar of Companies.

3. The revised e-forms and business re-engineering process under  MCA-21 system is being developed and the simplified procedures to be followed by the c ompanies and Registrar of Companies shall be given in the modified eforms and instruction kit thereto shortly.

4. It is expected that on discharging of these functions by the respective Registrar of Companies on implementation of simplified procedures, the cost and the time to get c ondonation under sec tion 141 of the Companies Ac t, 1956 shall be reduced.

5. The above simplified process is likely to be implemented with effect from 24th September, 2011.

(Kamna Sharma)

Assistant Direc tor

 

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