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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.
S&A Knowledge Series - Company fresh start scheme 2020
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Company Fresh Start
S&A Knowledge Series
Prepared by Atin Kumar Agarwal Assistant Manager
www.sethspro.com email@example.com New Delhi | Lucknow | Coimbatore
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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
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.
This Scheme shall come into force on 01st April 2020 and shall remain in force till 30th
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.
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1 Companies against which action for final notice for striking off the name has already
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.
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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.
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