Relief measures under Company Law in view of COVID-19 second wave

In view of COVID-19 restriction and disruption, the Ministry has granted additional time to file the various forms which are due to be filed during the period of 01/04/2021 to 31/05/2021 (other than CHG-1 Form, CHG-4 Form, CHG-9 Form) upto 31^st July, 2021 without any additional fees.

Therefore, the form (along with its extended due date) which due to be filed between 01/04/2021 to 31/05/2021 are

General Circular No. 07/2021 is applicable in respect of filing of FormCHG-1 and CHG-9 by a company or a charge holder, where the date of creation/  modification of charge are:-

I. Is before 01/04/2021, but the timeline for filing form has not expired as on 01/04/2021

Example:- Company X created charge on its assets on 25/03/2021. As the charge is created before 01/04/2021 and the timeline for filling CHG-1 is not expire as on 01/04/2021, then there arise two situation –

a) Where company X filed CHG-1 before 31/05/2021– Then Fees applicable as on 31/03/2021 shall be applicable for filling Form CHG-1

b) Where company X filed CHG-1 after 31/05/2021-Then 1^st June 21 shall be count as 1^st day after 31/03/2021 and fees applicable after counting the number of days after 01/06/2021.

II. Falls on any date between 01/04/2021 to 31/05/2021 (both days inclusive)

Example:- Company Y created charge on its assets on 30/04/2021. As the charge is created between period 01/04/2021 to 31/05/2021, then there arise two situation –

a) Where company Y filed CHG-1 before 31/05/2021– Then Fees applicable shall be as per rule for filling Form CHG-1

b) Where company Y filed CHG-1 after 31/05/2021– Then 1^st June 21 shall be count as 1^st day from date of creation of charge and fees applicable after counting the number of days after 01/06/2021.

Therefore, to calculate 120 days of filing of CHG-1 & CHG-9 period from 01^st April, 2021 to 30^th May, 2021 shall not be include.

Note- 1) This circular shall not apply in below mention situation-

• The forms which are filed before the date of issuance of this circular i.e, 03/05/2021
• The timeline under section 77 and 78 has been expired before 01/04/2021.
• Satisfaction of Charge i.e, filling of Form CHG-4.

Due to the difficulties of holding Board Meetingsin this COVID-19 situation, the gap between two consecutive meetings for First Two Quarter of Financial Year 2021-22may be extend upto 180 days instead of 120 days.

Hence, Interval between two Board Meeting i.e, 120 days has been extended by further 60 days for April  2021 to June 2021 (1^stquarter) and July 2021 to Sept 2021 (2^ndquarter)