The powers of the Company Law Board [CLB] under Section 141 of the Companies Act, 1956 to condone delay in and extend the time limit for filing of particulars of charges and modifications thereof are going to shifted to Regional Directors [RDs] in the Ministry of Corporate Affairs [MCA]. This marks the beginning of a new era in this matter. Most of the cases requiring extension of time are very ordinary procedural matters where a company might default in filing particulars of charges within 30 days of its creation or modification and end up in moving the CLB with a Petition. Effective from 12th August 2012, these powers are going to be exercised by RDs.
MCA may make this exercise still more simple by prescribing in the Rules, the filing of Form No.8 with RoC being automatically routed with RoC's report to RD and upon determination and notification of fee by RD and payment by Company, RoC may proceed to register the charge or modification of charge. This will be a better way of handling these jobs in GREEN ERA. However RDS will have the power to fix up a hearing and summon parties to seek explanations and clarifications on a case to case basis if the issues are complicated.
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