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General Circular No. 05/2022

 

File No. Policy - 02/02/2022-CL-MCA

Government of India

Ministry of Corporate Affairs

 

5th Floor, 'A' Wing, Shastri Bhawan,

Dr. Rajendra Prasad Road, New Delhi 110001

Dated : 30.05.2022

 

To,

 

The DGCoA,

All Regional Directors,

All Registrars of Comapnies,

ROC, CRC, Manesar.

 

Subject : Micro Finance/ Micro Credit as an object in the Object Clasue of Memorandum of Association (MoA) of Section 8 companies registered  under the Companies Act, 2013-Clarification-reg.

 

Sir/Madam,

 

It has been observed that various secction 8 companies are altering their object clasue for carrying out micro finance activities by way of passing Special Resolution, changing Acitivity code and subsequently filing of e-form MGT-14 with the concerned ROCs, even though at initial incorporation, the ROC (CRC) is not allowing Section 8 companies to get incorpoarted with the objects of microfinance activities in view of Ministry's direction letter no. No. 05/33/2017-CL.V. dated 10.02.2020 and letter dated 31.08.2020. Copy of the letters are attached with this circular for ready reference.

 

2. Immediate action on the RoCs is required as per law, including changing their objects to prevent such companies from carrying out the micro finance activities.

 

3.  The Office of DGCoA shall ensure strict compliance by all the ROCs of the instructions contained in the letters issued earlier by the Ministry on this subject. Furthur,the ROCs shall also circulate these directions to all the officers/officials to ensure due examination in accordance with law, while processing e-forms relating to Incorporation of Companies and Change in Objects.

 

4. This issues with the approval pf the Secretary, Corporate Affairs.

 

Encl. : As above

 

Yours faithfully,

 

(KMS Narayanan)

Deputy Director

Tel.: 011-2338-7263

 

Copy to :-

 

1. e-Governance Section and Web Content ofiicer to place the Circular on MCA Website.

 

2. Guard File