Commencement of Companies Amendment Act 2017

Commencement of Companies Amendment Act 2017

MCA Vide its notification dated 23.01.2018 has notified 26th January 2018 as the appointed date of applicability of provisions of Section 1 & Section 4 ofthe Companies (Amendment) Act, 2017 (1 of 2018) Section 1 ofthe Companies (Amendment) Act, 2017 (1 of 2018) is read as follows: 1. (1) This Act may be called the Companies (Amendment) Act, 2017. (2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint and different dates may be appointed for different provisions of this Act and any reference in any provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision. Section 4 ofthe Companies (Amendment) Act, 2017 (1 of 2018) is read as follows: 4. In section 4 of the principal Act, in sub-section (5), for clause (i), the following shall be substituted, namely: "(i) Upon receipt of an application under sub-section (4), the Registrar may, on the basis of information and documents furnished along with the application, reserve the name for a period of twenty days from the date of approval or such other period as may be prescribed: Provided that in case of an application for reservation of name or for change of its name by an existing company, the Registrar may reserve the name for a period of sixty days from the date of approval.". Here Principle Act means companies Act 2013. Section 4(5)(i) oftheCompanies Act 2013 is read as follows: Upon receipt of an application under sub-section (4), the Registrar may, on the basis of information and documents furnished along with the application, reserve the name for a period of sixty days from the date of the application. Amendment at Glace:

• The period for reservation of name is substituted from sixty days from the date of the application to twenty days from the date of approval or such other period as may be prescribed.
• There were concerns that the period of sixty days for reservation of name should be from date of approval and not from the date of application.
• This concern is addressed however, considering the fact that a changed process for centralised processing of name reservation/approval has already been implemented; the period of name reservation is proposed to be reduced to twenty days from sixty days.
• The specified period for name reservation would be taken from the date of approval and not from the date of application. A provision for existing companies is also provided.
• In case of an application for reservation of name or for change of its name by an existing company, the Registrar may reserve the name for a period of sixty days from the date of approval.

The above mentioned notification can be downloaded from below mentioned link. NotificationComapniesAct_23012018 You may also refer:The Companies (Registration Offices and Fees) Amendment Rules, 2018

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Tags:The Companies (Registration Offices and Fees) Amendment Rules, 2018,mca notification 2018, www.mca.gov.in notification, mca notification 30th march 2017, Changes in registration process of companies, company act amendment.

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