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Tuesday, May 14, 2013

Condonation of Delay for Delayed Filing of Form 8 / Form 17 & Procedures

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Condonation of Delay for Delayed Filing of Form 8 / Form 17 Procedures under The Companies Act
Now condonation of delay for late filing of Form 8 and form 17 under the Companies Act, 1956, requires a petition to be filed with Regional Director, Ministry of Corporate Affairs and earlier the same was required to be made to Company Law Board. The procedure for making the petition for condonation of delay under Section 141 of the Companies Act, 1956 is given below.
1. Call for a board meeting to decide to file a petition under Section 141 for condonation of delay in respect of form 8 and form 17 filed after due date. Form 8 can be filed within 30 days from the date of creation or modification and if it is not possible additional period of 30 days is allowed that is within 60 days and in case of Form 17 within 30 days from the dated of satisfaction of charge.
2. In the Board meeting authorize the Practicing Company Secretary / Practicing Chartered Accountant to appear on behalf of the company.
3., File 8 / Form 17 with ROC. One time filing fees will be required to be paid and remark will be appearing challan of the Form 8 / Form 17 regarding number of delays.
4. Prepare a petition for condonation of delay. A format of the petition is annexed.
5. Reason for the delay must be specific. Don’t mention that mistake is made inadvertently. Please specify that the officer entrusted with the work left the company or some other specific reason.
6. Prepare the petition and file it with form 24AAA. Form 24AAA is filing of form with Regional director. The charges for filing form is Rs. 1000/-
7. File Form 61 and file it with ROC. The charges for filing form is depending upon the Authorised Share Capital of the Company varying from Rs. 200 to Rs. 500
8. The petition is required to be enclosed with the following documents. There is no need to file any demand draft along with the petition.
  • Certified copy of Form 8 filed along with challan
  • MOA and AOA copy
  • Copy of the Board resolution
  • Copy of Form 61 along with challan
  • Copy of form 24AAA
  • Memorandum of Appearance in case it is filed by a Practicing Professional.
  • An affidavit verifying the petition on a non judicial stamp paper Rs. 20 which is notarized shall be attached.
9. The petition has to be filed with the Regional Director with the Regional Office of the Ministry of corporate Affairs in the jurisdiction where the existing registered office is situated. The following are the jurisdiction of Regional directors.
(i) Regional DirectorNorth Region Directorate Headquarter at Noida (Gautam Budh Nagar) North Region Directorate Headquarter at Noida (Gautam Budh Nagar)States of Jammu and Kashmir, Punjab, Himachal Pradesh, Haryana, National Capital Territory of Delhi, Uttar Pradesh, Uttarakhand and Union Territory of Chandigarh.
(ii) Regional DirectorSouthern Region Directorate Headquarter at ChennaiTamil Nadu, Union Territory of Andaman and Nicobar Islands and Puducherry
iii) Regional DirectorSouthern Eastern Region Directorate Headquarter at Hyderabad States of Andhra Pradesh, Karnataka, Kerala and Union Territory of Lakshadweep,
(iv) Regional DirectorWestern Region Directorate Headquarter at MumbaiStates of Maharashtra, Goa and Union Territory of Daman and Diu.
(iii) Regional DirectorEastern Region Directorate Headquarter at KolkataStates of Bihar, Jharkhand, Orissa, West Bengal.
Regional DirectorNorth Western Region Directorate Headquarter at Ahmedabad States of Gujarat, Rajasthan, Madhya Pradesh, Chhattisgarh and Union Territory of Dadra and Nagar Haveli
Regional DirectorNorth Eastern Region Directorate Headquarter at GuwahatiState’s of Meghalaya, Assam, Arunachal Pradesh, Nagaland, Mizoram, Manipur and Tripura.”
10. Petition should not be prepared in the letter head.
11. A hearing will not take place at the Regional Director office normally and order will be despacted after one or two weeks. However if the delay is more than one year the hearing may be held at RD office.
12. The entire process will take approximately two weeks and it also requires follow up with Regional Director Office.

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