Regulatory Updates: Company Amendment Rules, 2020

Companies (Registration Offices and Fees) Amendment Rules, 2020

  • On 18 February, 2020, the Ministry of Corporate Affairs (MCA) notified the Companies (Registration Offices and Fees) Amendment Rules, 2020. 
  • These rules amend the Companies (Registration Offices and Fees) Amendment Rules, 2014. 
  • The powers is conferred by sections 396, 398, 399, 403 and 404 read with 469(1) and 469(2) of the Companies Act, 2013. 
  • The Form GNL – 2 has been substituted with a revised Form GNL – 2. 
  • Form GNL – 2 (revised) is the e-form that is to be filed for submission of documents with the Registrar of Companies for which there is no e-form prescribed. 

Companies (Incorporation) Amendment Rules, 2020

  • On 18 February 2020, the MCA notified the Companies (Incorporation) Amendment Rules, 2020.
  • These rules amend the Companies (Incorporation) Rules, 2014.
  • The previous e-form INC – 32 (SPICe) has been replaced with a revised form INC – 32 (SPICe+).
  • SPICe+ is an integrated web form providing various services such as name reservation, incorporation, and mandatory issue of PAN etc. 
  • This can be offered from three different ministries i.e. the MCA, Ministry of Labour and Ministry of Finance. 
  • The form RUN (Reserve Unique Name) which was earlier used to reserve names for companies, for both existing and yet to be incorporated, has been amended to be applicable only for requesting a change in existing names of companies. 
  • Fees for the same shall be as per Companies (Registration Offices and Fees) Rules, 2014.
  • This may be approved or rejected by the Registrar, Central Registration Centre.
  • This can be done after a re-submission of such web form within 15 (fifteen) days for rectification 
  • The e-form INC – 35 (AGILE) has been replaced by INC – 35 (AGILEPRO). 
  • This will also enable professional tax registration and opening of bank accounts. 
  • The form INC – 9 has been replaced with e-form INC – 9. 
  • The earlier form was offline and needed an execution manually by the concerned director. 
  • The new form is an e-form and requires verification by the concerned director by affixing his-her digital signature certificate.
  • The notification shall into force with effect from 23 February 2020.

Companies (Appointment and Qualification of Directors) Second Amendment Rules, 2020

  • On 29 April 2020, the MCA notified the Companies (Appointment and Qualification of Directors) Second Amendment Rules, 2020.
  • These shall modify the Companies (Appointment and Qualification of Directors) Rules, 2014.
  • In rule 6, in sub-rule (1), in clause (a), the words “five months” would be replaced by “seven months”.
  • This would mean that the time provided to individuals appointed as independent director to apply for inclusion of his/her name in the databank of list of independent directors shall be extended to a period of seven months.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.