Summary of the circular and notification issued by MCA and SEBI on 17/06/2020 and 16/06/2020 respectively
1. MCA condones delay in filing Charge related forms under the Scheme for relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013 with effect from 17/06/2020
Highlights of the scheme are as follows:
– Applicable with respect to Forms CHG-1 (Application for registration of creation, modification of charge (other than those related to debentures)) and CHG-9 (Application for registration of creation or modification of charge for debentures or rectification of particulars filed in respect of creation or modification of charge for debentures)
Date of Creation/Modification
Revised Due Date
where the date of creation / modification of charge is before 01/03/2020, but the timeline for filing such form had not expired under section 77 of the Act as on the said date
If the form is already filed, the period beginning from 01/03/2020 and ending on 30/09/2020 shall not be reckoned for the purpose of counting the number of days under section 77 or section 78 of the Act
If the form 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 under section 77 or section 78 of the Act.
where the date of creation / modification of charge falls on any date between 01/03/2020 to 30/09/2020 (both dates inclusive)
If the form is filed within such period, the period beginning from date of creation/modification of charge to 30/09/2020 shall not be reckoned for the purpose of counting the number of days under section 77 or section 78 of the Act
If the form is not filed within such period, the first day after creation/modification 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 under section 77 or section 78 of the Act.
– Fees as mentioned in the Scheme shall be payable depending on date of filing of the forms.
– The scheme shall not apply to the situations mentioned in the said Circular.
2. SEBI introduces Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2020
Through this amendment, SEBI allows –
– acquisition beyond five per cent but upto ten per cent of the voting rights in the target company for the financial year 2020-21 only in respect of acquisition by a promoter pursuant to preferential issue of equity shares by the target company (Proviso to Regulation 3(2))
– the acquirer or any person acting in concert with him who has acquired shares of the target company in the preceding fifty-two weeks without attracting the obligation to make a public announcement of an open offer, to voluntarily make a public announcement of an open offer for acquiring shares under this regulation and this relaxation is valid till 31/03/2021 (Proviso to Regulation 6(1))
Aforesaid amendments are integrated in our free to use website www.ca2013.com
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