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Amendment in Spice Form

Amendment in Spice Form

The ministry of corporate affairs is expected to launch a web-based system for company registration in india with the launch of the spice plus form (spice+) with effect from 1st january 2020. This move is aimed to further the ease of doing business in india and is set to revolutionize the way the companies are registered in india.

The application for incorporation of a company whether it is a private limited company, public limited company, one person company, nidhi company, section 8 company or producer company is filed to mca at present by way of uploading a pdf form known as spice form. The new form which is named as spice plus or spice + shall be a replacement of the old system of uploading the pdf file. The substantive procedure governing the incorporation of a company is prescribed under section 3 to 22 in chapter ii of the companies act, 2013.

The existing pdf version of the spice 32 form shall be discontinued the launch of the new web-based spice plus form. The ministry of corporate affairs as a part of its initiative to boost ease of doing business (eodb) in india shall be issuing a formal notification shortly. The spice plus web-based form would offer various other registration services along with the registration of company, the list of all services to be provided by the spice plus form is as under

Name reservation (run would be discontinued for company registration)

Allotment of director identification number (din)

Company incorporation

Issue of pan number for the company

Issue of tan

Registration of company as an employer with epfo

Esic registration for the company

Profession tax registration for the state of maharashtra

Opening of bank account.

Registration of company as tax payer in gst

The run form shall be applicable only to change the name of the company, and for the registration of companies, the application shall be filed only by way of spice plus form.

However, as a measure of a smooth transition from the old environment of spice form-based incorporation to the new web-based company registration, for the cases where the name of the proposed company is already approved through run, the old spice form shall be used. Even for the resubmissions of all previously filed cases shall continue to be filed through spice form.

(v) resubmission of spice forms submitted prior to date of deployment of spice+ web form shall also be filed in the existing spice eform and related linked forms as applicable.

Sec 203 of companies at 2013, provides for the appointment of a whole-time company secretary in all the companies belonging to a specified class. The said class is provided under the rules.

Prior amendment, the rule 8a of the rules provided that all the companies not covered under rule 8[1] and having a paid-up share capital of five crore inr or more shall have a whole-time company secretary.

The amendment has substituted the rule by providing that every private company which has a paid-up share capital of ten crore inr or more shall have a whole-time company secretary.

Post amendment the following companies are mandatorily required to appoint a whole-time company secretary:

  1. Listed company,
  1. Unlisted public company having paid-up share capital of inr 10 crore or more,
  1. Private company having paid-up share capital of inr 10 crore or more.

rule 9 – secretarial audit report

Pursuant to sec 204, every listed company and companies belonging to such other class shall annex a secretarial audit report, given by a practicing company secretary, with its board report. Such other class of company which are required to comply with this provision are given in rule 9 of the rules.

Prior amendment, such class of companies were: –

(a) every public company having a paid-up share capital of fifty crore rupees or more, or

(b) every public company having a turnover of two hundred fifty crore rupees or more;

Post amendment, one more class of companies has been added in rule 9. The new class of companies is every company having outstanding loans or borrowings from banks or public financial institutions of one hundred crore rupees or more.

Post amendment the following companies are mandatorily required to conduct a secretarial audit:

(a) every public company having a paid-up share capital of fifty crore rupees or more; or

(b) every public company having a turnover of two hundred fifty crore rupees or more; or

(c) every company having outstanding loans or borrowings from banks or public financial institutions of one hundred crore rupees or more.

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