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Amendment In Companies Incorporation Rules Extension Of Reservation Of Name

CSPAYAL SOMANI 
on 02 January 2021

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Introduction

MCA has issued Companies (Incorporation) Third Amendment Rules, 2020. MCA issued this notification on 24th December 2020.

MCA has introduced Rule 9A i.e. Extension of Reservation of Name in certain cases.

Applicability

This rule shall come into force from 26th January 2021.

Present Provision

As per the provision of the Companies Act, 2013 the name reserved for the incorporation of the company shall be reserved for a maximum of 20 days. If a company has not been incorporated within 20 days then the name shall expire.

Amended Provision

Upon payment of fees provided below through the web service available at www.mca.gov.in, the registrar shall extend the period of a name reserved under Rule 9 through SPICE+ up to:

Amendment In Companies Incorporation Rules Extension Of Reservation Of Name

Sr. No.

Number Of Days

Fees

Condition

1

40 days from the date of Approval Of Name

Rs. 1000

Payment needs to be made before the expiry of 20 days from the date of approval of the name

2

60 days from the date of Approval Of Name

Rs. 2000

Payment needs to be made before the expiry of 40 days from the date of approval of the name

3

60 days from the date of Approval Of Name

Rs. 3000

Payment needs to be made before the expiry of

20 days from the date of approval of the name

 
 

Conclusion

Ministry has given this relaxation to use reserved name up to 60 days from the date of approval of name instead of 20 days from the date of approval of name on payment of specific fees.


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Category Corporate Law
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