MCA Appoints 1st July 2022 as the date on which section 56 of Companies (Amendment) Act 2020 shall come into force.

LegalitySimplified

The Ministry of Corporate Affairs vide its notification dated 11th January 2022, appoints 1st July 2022 as the date on which the provisions of section 56 of the Companies (Amendment) Act 2020 shall come into force.

Section 56 of the Companies (Amendment) Act revises section 403(1) of Companies Act, 2013 which deals with the fee required to be paid by companies in case they fail to submit, file, register or record any document with the Registrar of Companies.

The Revised section 403(1) of Companies Act 2013 states as follows:

Section 403 (1) Any document, required to be submitted, filed, registered or recorded, or any fact or information required or authorised to be registered under this Act, shall be submitted, filed, registered or recorded within the time specified in the relevant provision on payment of such fee as may be prescribed.

Provided that where any document, fact or information required to be submitted, filed, registered or recorded, as the case may be, under section 92 or 137 is not submited, filed, registered or recorded, as the case may be, within the period provided in those sections, without prejudice to any other legal action or liability under this Act, it may be submitted, filed, registered or recorded, as the case may be, after expiry of the period so provided in those sections, on payment of such additional fee as may be prescribed, which shall not be less than one hundred rupees per day and different amounts may be prescribed for different classes of companies.

Provided further that where the document, fact or information, as the case may be, in cases other than referred to in the first proviso, is not submitted, filed, registered or recorded, as the case may be, within the period provided in the relevant section, it may, without prejudice to any other legal action or liability under this Act, be submitted, filed, registered or recorded as the case may be, on payment of such additional fee as may be prescribed and different fees may be prescribed for different classes of companies.

Provided also that where there is default on two or more occasions in submitting, filing, registering or recording of such document, fact or information, as may be prescribed, it may, without prejudice to any other legal action or liability under this Act, be submitted, filed, registered or recorded, as the case may be, on payment of such higher additional fee, as may be prescribed.

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