The Companies (Incorporation) Second Amendment Rules, 2022- substituted FORM NO. INC-9 – Declaration by Subscribers and First Directors.
The Ministry of Corporate Affairs (MCA) vide its Notification dated May 20, 2022, has notified Companies (Incorporation) Second Amendment Rules, 2022.Through this amendment, the Ministry has substituted Form No. INC-9. The new form will be effective from 1st June 2022.
Form INC-9 needs to be attached by all the proposed companies while filing SPICe + (INC-32).
The individual who are the subscribers and the First Directors of the new company shall file the form and INC-9 needs to be filed as an attachment to SPICe + (INC-32). Hence it needs to be prepared and signed by subscriber/ first director before the filing of SPICe + (INC-32)
The MCA has revised format of e-Form No. INC-9 to insert declaration on compliance with Government approval requirement under FEMA.
Below are new and additional checkboxes are included in e-Form No. INC-9:-
- I am required to obtain the Government approval under the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 prior to subscription of shares and the same has been obtained, and is enclosed herewith. or
- I am not required to obtain the Government approval under the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 prior to subscription of shares
Further, the MCA has inserted new declaration in e-Form No.INC-32 (SPICe+), in Part-B to insert declaration on compliance with Government approval requirement under FEMA: In e-Form No.INC-32 (SPICe+), in Part-B, in Declaration, the following shall be inserted at the end, namely:-
“I, on behalf of the proposed directors, hereby declare that person seeking appointment is a national of a country which shares a land border with India, necessary security clearance from Ministry of Home Affairs, Government of India shall be attached with the consent.
- Yes
- No
(if yes is opted, a copy of the security clearance is to be attached)”.
MCA link of the said notification – https://egazette.nic.in/WriteReadData/2022/235912.pdf
Disclaimer: This article is only a knowledge-sharing initiative and is based on the Relevant Provisions as applicable and as per the information existing at the time of the preparation. In no event, RMPS & Co. or the Author or any other persons be liable for any direct and indirect result from this Article or any inadvertent omission of the provisions, update, etc if any.
