SSM: 212 outstanding submissions due to MCO

All statutory documents under the Companies Act 2016 and the Limited Liability Sharing Act 2012 must be submitted after the expiry of the MCO

by NUR HANANI AZMAN/ pic by TMR FILE

THE Companies Commission of Malaysia (SSM) has recorded 212 submissions that are still pending to file statutory documents with SSM.

It is not unusual to experience some form of disruption due to the Movement Control Order (MCO) effective March 18 where SSM systems have been taken off-line.

However, SSM spokesperson explained that its systems have resumed online operations since April 14.

“It is the power of the Court to grant relief and extend the lodgement period beyond the time required as provided under section 361 of the Companies Act 2016.

“SSM can only assist if a company is unable to lodge the statement of the particulars of the charge due to the MCO and not otherwise,” SSM CEO Nor Azimah Abd Aziz told The Malaysian Reserve in an email reply.

The government on April 6 agreed to impose an automatic 30-day moratorium for companies submitting statutory documents to the SSM.

All statutory documents under the Companies Act 2016 and the Limited Liability Sharing Act 2012 must be submitted to the registrar after the expiry of the MCO.

During the moratorium period, late deposit fees were excluded.

The deadline for companies to submit their financial statement is also extended for three months from the last day of the MCO.

This is for companies with financial years ending Sept 30 until Dec 31, 2019.

However, a company representative expressed disappointment after SSM rejected its filing of Form 34 done in May 2020.

SSM required the company to attach a court order together with Form 34 for filing at SSM as it had failed to register as MyCoID user during the MCO period.

“My firm’s standard practice is the person-in-charge of the filing has to pay for any penalty incurred.

My income had already been affected by the outbreak.

“I had two files rejected by SSM in which the total fees of obtaining the court order and re-filing of Form 34 will add up to RM1,700 and I cannot afford it,” said the representative who requested anonymity.

SSM stressed that companies affected by the temporary closure of SSM systems due to the MCO can submit the documents at SSM counters without having to attach the court order when SSM counter services resume.

“Provided they attach proof of registration as a MyCoID user during the MCO period and the user activation process has delayed the lodgement.

“The company may lodge the statement of the particulars of the charge with SSM without a court order even though the lodgement is made more than 30 days from the creation of the charge,” it said.