Simplified procedure for rectification of register of charges

 Genera l Circular No. 51 / 2011

F.No. 1/ 1/ 2003 CL.V

Government of India

Ministry of Corporate Affairs

5th Floor, A Wing , Shastri Bhavan,

Dr. R.P. Road , New Delhi

Dated 25th

July, 2011

All Regional Directors,

All Registrar of Companies,

All Stakeholders.

Sub: Simplified procedure for rectification of register of charges under section 141 of the Companies Act, 1956.

Sir,

In order to simplify the procedures and cut timelines, the Ministry ha s decided to notify section 20 of the Companies (Second Amendment) Ac t, 2002(1) of 2003 thereby the work relating to rectification of register of charges under section 141 of the Companies Ac t, 1956 shall b e shifted from the jurisdiction of Comp any La w Boa rd to the Central Government.

2. It ha s further been decide4 to delegate this work to the respective Registrar of Companies under whose jurisdiction the registered office of the company is situated . The petitions filed with the Company Law Boa rd and pending a s on the effective date of notification shall be transferred to respective Registrar of Companies.

3. The revised e-forms and business re-engineering process under MCA-21 system is being developed and the simplified procedures to b e followed b y the companies and Registrar of Companies shall b e given in the modified eforms and instruction kit thereto shortly.

4. It is expected that on discharging of these functions b y the respective Registrar of Companies on implementation of simplified procedures, the cost and the time to get condonation under section 141 of the Companies Ac t, 1956 shall be reduced .

5. The above simplified process is likely to b e implemented with effect from 24^th September, 2011.

Yours faithfully,

-sd -

(Kamna Sharma )

Assistant Director

Cop y to:

1. All concerned

2. PS to CAM and PS to MOS

3. PPS to Secretary, Additional Secretary, Joint Secretaries