Company Name Reservation can be Extended more than 20 days

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The Ministry of Corporate Affairs has issued the Companies (Incorporation) Third Amendment Rules, 2020 which shall come into force on the date of their publication in the official Gazette i.e 24-12-2020. In this article we will discuss Company Name Reservation can be Extended more than20 days

Company Name Reservation can be extended in 2020

Through this amendment, a fresh Rule 9A has been established which deals with Extension of Reservation of Name in specific cases in which upon payment of some additional fees as prescribed.

New Amendment Rule 9

The CRC Registrar shall extend the period of a name reserved under Rule 9 by expending web service SPICe+, up to 40 days from the date of approval under Rule 9, on payment of fees of rupees of one thousand rupees (Rs. 1,000/-) made before the expiry of twenty days.

The CRC Registrar shall extend up to 60 days from the date of approval on payment of fees of rupees two thousand (Rs. 2,000/-) made before the expiry of forty days.

Further, it can be extended up to sixty days from the date of approval under rule 9 on the fee of rupees three thousand (Rs. 3000/-) made before the expiry of twenty days from the date of approval under rule 9. Also, the Registrar shall have the leverage to cancel the reserved name in accordance with sub-section (5) of section 4 of the Act.

Advantages of the New Amendment, Company Incorporation Rule 9

The Rule Provide Extension of reservation of name reserved under rule 9 by the registrar by using web service spice+.

It prescribed a certain amount to be paid for such extensions.

The Rule was inserted on 24th December 2020 and will take effect from 26th January 2020. Read Official Notification

Also, require any other guidance with respect to Company Incorporation please feel free to contact our business advisors at 8881-069-069.

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