Extension of Reservation Period for Company Names
Extension of Reservation Period for Company Names
Because of the situation arising due to the COVID-19 pandemic and extended lockdown period, the Ministry of Corporate Affairs vide notification dated 20.05.2020 has issued a Circular concerning period of extension for names reserved by the Companies and resubmission of forms. As per this notification, Government extended the expiration of names reserved for company incorporation by 20 days from May 31 for the reserved names that were expiring between May 15 to May 31. Similarly, the expiration of names reserved for change of name by existing companies is extended by another 60 days from May 31,
Reservation Period for Company Names
According to the Companies Act, 2013, a company has to first reserve the name for incorporation or name changing with the Registrar of Companies (RoC). The Central Registration Centre (CRC) will reserve the name for a prescribed period based on information and documents furnished.
- The reservation period for names reserved for the incorporation of a new company is 20 days
- The reservation period for names reserved for change in the name of an existing company is 60 days.
- In case the names reserved for Limited Liability Partnerships Company, the period for both new company registration and name change of the existing company is 90 days.
Extension Of Names Reserved For New Company Incorporation
According to the Company Act, a firm needs to reserve the name for the company incorporation with the Registrar of Companies (RoC). Once the name is approved, a time-lineof 20 days will be provided until further forms are submitted to use the name for firm incorporation. For such name reservations that are expiring between May 15th and May 31st, 2020 the MCA has extended the reservation period by 20 days from May 31st.
Time-line for filing SPICe+
As per the MCA notification SPICe+, Part B needs to be filed within 20 days of the new company name reservation.
For filing part B of SPICe+ the user should have to log in to the MCA Portal with registered user name and password. After logging in, the user can find the approved name displayed at the Dashboard. To continue with the SPICe+ process, click the link displaying the SRN or application number.
Extension of Names Reserved For Change of Name Of Company
As mentioned above, the reservation period for changing the name of the exiting company is 60 days, which has also been extended by 20 days from May 31st.
As per the MCA notification, Government has extended the 60-day time limit to submit form INC-24 for company name change reservation until 31st May 2020 for names expiring any day between 15th May and 31st May 2020.
Extension of RSUB validity for companies
MCA has extended the Resubmission (RSUB) validity of the Service Request Number (SRN) of companies whose last date for resubmission expires between 15th March 2020 and 3rd May 2020. The extension is provided for an additional 15 days from 31st May 2020. In case the Service Request Number already marked under NTBR, the extension would be provided on a case to case basis.
NTBR – In case of failure to file the prescribed form within the prescribed period, such form will be marked as NTBR and no further relaxation will be provided.
Extension of Names Reserved for new LLP incorporation/ Name Change
According to the Company Act, a Limited Liability Partnership (LLP) has to reserve the chosen name for incorporation/ existing LLP name change with the Registrar of Companies (RoC). Once the reserved name is approved, a period of 90 days will be provided until further forms are submitted to use the name for incorporation/ name change.
Similarly, the expiration of names reserved for new LLP incorporation or change of existing name is extended by another 20 days from May 31, 2020. It is applicable names expiring any day between 15th March to 31st May 2020. As per the MCA notification FiLLiP (Form for incorporation of LLP) /Form 5 (Notice for change of name) needs to be filed within 90 days of name reservation
RSUB validity extension for LLPs
MCA has extended the Resubmission (RSUB) validity of the Service Request Number (SRN) of companies whose last date for resubmission expires between 15th March 2020 and 3rd May 2020. The extension is provided for an additional 15 days from 31st May 2020. In case the Service Request Number already marked under NTBR, the extension would be provided on a case to case basis.
Extension for marking IEPF-5 SRNs to ‘Pending for Rejection
The IEPF-5 Application is used for claiming unpaid amounts and shares out of the Investor Education and Protection Fund (IEPF). MCA has extended the due date for filing the e-Verification Report for both Normal as well as Resubmission to 30th Sep 2020. It applies to Service Request Number which falls between 15th March 2020 to 31st May 2020. However, SRNs already marked under ‘Pending for Rejection would be provided on a case to case basis.
Note: Status of Investor Education and Protection Fund (IEPF) – SRN will not change to ‘Pending for Rejection till 30th September 2020.
To know more about the MCA notification, refer to the following official document:
Know more about the Removal of Company Name from MCA Database
Post by Renu Suresh
Renu is experience content writer specialised in compliances and company rules.