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S&A Knowledge Series - Company fresh start scheme 2020

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The Ministry of Corporate Affairs has come out with a great scheme of regularising any defaults under the Companies Act and LLP Act. If you have any Company or an LLP which has been defaulting due to any reason can avail this scheme and regularise it. They have waived off any additional filing fee or prosecution under the relevant law (if not initiated).

A writeup on the schemes is attached detailing the applicability and other broad contours.

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S&A Knowledge Series - Company fresh start scheme 2020

  1. 1. Page | 1 ` Company Fresh Start Scheme 2020 S&A Knowledge Series Prepared by Atin Kumar Agarwal Assistant Manager New Delhi | Lucknow | Coimbatore
  2. 2. Page | 2 The Corporate Affairs Ministry (MCA) has come up with the ‘Companies Fresh Start Scheme 2020’ to enable companies make good of any filing-related defaults, irrespective of duration of default, and make a fresh start as a fully compliant entity. To provide a similar facility to Limited Liability partnerships (LLP), the MCA has also revised the LLP Settlement Scheme 2020 which is in vogue now. Below is the synopsis for both the schemes. Kindly contact us incase you have any defaulting companies or LLP’s and seek to regularize them. COMPANIES FRESH START SCHEME 2020 Applicability Any Defaulting Company is permitted to file belated documents which were due for filing on any given date in accordance with the provisions of this scheme. Time Frame This Scheme shall come into force on 01st April 2020 and shall remain in force till 30th September 2020 Fees and Immunity Every defaulting company shall be required to pay normal fees as prescribed under the Companies Act on the date of filing each belated document and no additional fee shall be payable. Furthermore, immunity from the prosecution and proceedings will be provided only on the filing of belated documents.
  3. 3. Page | 3 Non-Applicability 1 Companies against which action for final notice for striking off the name has already been initiated. 2 Where any application has already been filed by the companies for action of striking off the name of the company from the ROCs. 3 Companies which have been amalgamated. 4 Where application has already been made for Dormant Status. 5 To vanishing Companies. 6 Where any increase in authorized capital or charge related is involved. LLP Settlement Scheme 2020 1 Scheme in Force: 01st April 2020 to 30th September 2020. 2 All Defaulting LLPs permitted to file belated documents which were due for filing till 31st August 2020. 3 Normal fees to be paid on belated documents. 4 Defaulting LLPs which have filed their belated documents till 30th September 2020 shall not be subjected to prosecution by the Registrar for such defaults. 5 Scheme shall not apply to LLPs which have applications in Form 24 to the Registrar, for Striking off their name from the register. Seth & Associates was established in 1975 and since then it has been providing unparalleled value addition to its client. We are a firm with diverse and rich exposure in various fields. All our partners are full time active working partners looking into specific sector domains such as Corporate Law, Direct Tax, Indirect Taxes, Raising Capital (Debt and Equity), Business Advisory solutions, Forensic and Information Technology audit and many other core sectors relevant to overall growth of the clients. The information herein contained is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endevour to provide accurate and timely information, there can be no gurantee that such information is very accurate and considers the latest amendment in laws which are very frequent. The above is purely for academic reading and general awareness of the law. No one should act on this information without appropriate professional guidance which requires a thorough examination of a particular situation. This content is owned by Seth & Associates, Chartered Accountants and is not be reproduced without our explicit permission. |