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MCA again relaxes expiry of names reserved by companies for incorporation (READ NOTIFICATION)

The Ministry of Corporate Affairs (MCA) has again relaxed the rules of Rs-Submission of forms & period/days of extension for Name reserved due to COVID-19. According to the Company Rules, a company has to first reserve the chosen name for incorporation or changing with the Registrar of Companies. 

MCA again relaxes expiry of names reserved by companies for incorporation (READ NOTIFICATION)
Once the name is approved, a period of 20 days is given until further forms are submitted to use the name for incorporation. For such name reservations that are expiring between March 15th and May 31st, the MCA has extended the reservation period by 20 days from May 31st 2020.

Also Read: SEBI advises listed cos to make disclosures of COVID-19 impact on business

Similarly, for existing companies, the reservation period for changing of names is 60 days, which has also been extended by 20 days from May 31st 2020.

The same is applicable for LLPs.

MCA vide explanation dated 20.05.2020 states:

Sl. No  

Issue description

 

Period/Days of Extension

 

 

 

1

 

 

Names reserved for 20 days for new company incorporation. SPICe+ Part B needs to be filed within 20 days of name reservation.

 

 

Names expiring any day between 15th March 2020 to 31st May would be extended by 20 days beyond 31st May 2020.

 

 

 

2

 

Names reserved for 60 days for change of name of company. INC-24 needs to be filed within 60 days of name reservation.

 

 

Names expiring any day between 15th March 2020 to 31st May would be extended by 60 days beyond 31st May 2020.

 

 

 

 

 

3

 

 

 

 

Extension    of    RSUB                    validity                    for companies.

SRNs where last date of Resubmission (RSUB) falls between 15th March 2020 to 31st May 2020, additional 15 days beyond 31st May 2020 would be allowed. However, for SRNs already marked under NTBR, extension would be provided on case to case basis.

Note: Forms will not get marked to (Not to be taken on Record)’NTBR’ due to non- resubmission during this extended period as detailed above.

It also includes IEPF Non-STP eForms ( IEPF- 3, IEPF-5 and IEPF-7)

 

4

Names reserved for 90 days for new LLP incorporation/change of name. FiLLiP/Form 5 needs to be filed within 90 days of name reservation.  

Names expiring any day between 15th March 2020 to 31st May would be extended by 20 days beyond 31st May 2020.

 

 

 

 

5

 

 

 

 

RSUB validity extension for LLPs.

SRNs where last date of resubmission (RSUB) falls between 15th March 2020 to 31st May 2020, additional 15 days would be allowed from 31st May 2020 for resubmission. However, for SRNs already marked under NTBR, extension would be provided on case to case basis.

Note: Forms will not get marked to (Not to be taken on Record)’NTBR’ due to non- resubmission during this extended period as detailed above.

 

 

 

 

 

 

6

 

 

 

 

Extension for marking IEPF-5 SRNs to ‘Pending for Rejection u/r 7(3)’ and ‘Pending for Rejection u/r 7(7)’

SRNs where last date of filing eVerification Report (for both Normal as well as Re- submission filing) falls between 15th March 2020 to 31st May 2020, would be allowed to file the form till 30th Sep 2020. However, for SRNs already marked under ‘Pending for Rejection u/r 7(3)’ and ‘Pending for Rejection u/r 7(7)’, extension would be provided on case to case basis.

Note: Status of IEPF-5 SRN will not change to ‘Pending for Rejection u/r 7(3)’ and ‘Pending for rejection u/r 7(7)’ till 30th Sep’20.

Click here to read the notification.

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