Simplified procedure for rectification of register of charges under

Simplified procedure for rectification of register of charges under section 141 of the Companies Act, 1956.

In order to simplify the proc edures and cut timelines, the Ministry has decided to notify section 20 of the Companies (Sec ond Amendment) Act, 2002

(1) of 2003 thereby the work relating to rec tific ation of register of charges under section 141 of the Companies Act, 1956 shall be shifted from the jurisdiction of Company Law Board to the Central Government.

(2) It has further been decided to delegate this work to the respective Registrar of Companies under whose jurisdiction the registered office of the company is situated. The petitions filed with the Company Law Board and pending as on the effec tive date of notific ation shall be transferred to respective Registrar of Companies.

(3) The revised e-forms and business re-engineering proc ess under MCA-21 system is being developed and the simplified proc edures to be followed by the companies and Registrar of Companies shall be given in the modified eforms and instruc tion kit thereto shortly.

(4) It is expected that on discharging of these functions by the respective Registrar of Companies on implementation of simplified procedures, the cost and the time to get condonation under section 141 of the Companies Act, 1956 shall be reduced.

(5) The above simplified proc ess is likely to be implemented with effect from 24th September, 2011.