MCA | Companies (Registration of Charges) Amendment Rules, 2022

Last updated: 29 April 2022

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The Ministry of Corporate Affairs has issued the Companies (Registration of Charges) Amendment Rules, 2022. These new rules, effective from their publication date, introduce an amendment to Rule 3 of the Companies (Registration of Charges) Rules, 2014. Specifically, a new sub-rule (5) exempts banking companies from certain registration requirements when creating or modifying charges in favour of the Reserve Bank of India for loans or advances received under the RBI Act, 1934.

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (1)]

GOVERNMENT OF INDIA

MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
New Delhi, 27th April, 2022

G S R (E). - In exercise of the powers conferred by section 77 read with sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Registration of Charges) Rules, 2014, namely:-

1. Short title and Commencement. - (1) These rules may be called the Companies (Registration of Charges) Amendment Rules, 2022.

(2) They shall come into force from the date of their publication in the Official Gazette.

2. In the Companies (Registration of Charges) Rules, 2014, in rule 3, after sub-rule (4), the following sub-rule shall be inserted, namely:-

"(5) Nothing contained in this rule shall apply to any charge required to be created or modified by a banking company under section 77 in favour of the Reserve Bank of India when any loan or advance has been made to it under sub-clause (d) of clause (4) of section 17 of the Reserve Bank of India Act, 1934 (2 of 1934).".

[F.No. 01/10/2013 L-V]
Manoj Pandey Joint Secretary

Note: The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 248(E), dated the 31st March, 2014 and subsequently amended vide the following notifications, namely: -

Serial Number	Notification Number	Notification Date
1.	G.S.R 440(E)	29th May, 2015;
2.	G.S.R. 339 (E)	7th April, 2017;
3.	G.S.R. 614 (E)	5th July, 2018;
4.	G.S.R. 1218 (E)	18th December, 2018;and
5.	G.S.R. 342 (E)	30th April, 2019.

FAQ :

These are new rules introduced by the Ministry of Corporate Affairs to further amend the Companies (Registration of Charges) Rules, 2014.

The amendment rules come into force from the date of their publication in the Official Gazette.

The rules insert a new sub-rule (5) into Rule 3 of the 2014 rules, providing an exemption for banking companies.

Banking companies are exempt when creating or modifying charges in favour of the Reserve Bank of India for loans or advances made to them under the RBI Act, 1934.

These rules are made in exercise of powers conferred by section 77 read with sub-sections (1) and (2) of section 469 of the Companies Act, 2013.

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Notification No : F.No. 01/10/2013 L-V
Published in Corporate Law
Source : https://www.mca.gov.in/bin/dms/getdocument?mds=GigV%252BdVKmC9d16l5L5Kj5Q%253D%253D&type=open

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