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ICAI: Extension of name reserved through SPICE+ upon payment of fees

1. Ministry of Corporate Affairs has inserted Rule 9A w.e.f. 26th January 2021 in the Companies (Incorporation) Rules, 2014 to further extend the time period of the name reserved through SPICE+ under Rule 9 upon payment of certain fees.

2. Rule 9A provides that the Registrar shall extend the period of a name reserved under rule 9 by using web service SPICe+ as follows:

(a) forty days from the date of approval under rule 9: on payment of fees of Rs. 1,000 made before the expiry of twenty days from the date of approval under rule 9;
(b) sixty days from the date of approval under rule 9: on payment of fees of Rs. 2,000 made before the expiry of forty days from the date of approval under rule 9;
(c) sixty days from the date of approval under rule 9: on payment of fees of Rs. 3,000 made before the expiry of twenty days from the date of approval under rule 9.

However, the Registrar shall have the power to cancel the name reserved as aforesaid.

3. Objects:
A new format for Part-A requires a statement of ‘Summary of the objects to be pursued by the company on its incorporation’ in addition to the previous requirements of the form.

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