Condonation of Delay Scheme 2018 issued for removing disqualification of Directors
Section 164(2) of the Companies Act, 2013 read with Section 167 of the Companies Act, 2013 which provisions were commenced w.e.f. 01.04.2014 provide for disqualification of Director on account of default by a company in filing an annual return or a financial statement for a continuous period of 3 years
Whereas Rule 14 of the Companies (Appointment and Disqualification of Director), Rules 2014 further prescribes that every Director shall inform to the company concerned about his disqualification under Section 164(2) in Form DIR 8
Whereas MCA in September 2017 identified 309614 directors associated with the Companies that had failed to file financial statements or annual returns in the MCA 21 online registry for a continuous period of 3 years 2013-2014 to 2015-2016 and they were barred from accessing the online registry and a list of such directors were published on website of MCA
Condonation of Delay Scheme 2018 was launched by the Central Government which will remain in force upto 31.03.2018.
A defaulting Company is permitted to file its financial statements in accordance with the provisions of the Scheme
Procedure: The DIN deactivated at present shall be activated in order to enable the filing of Financial Statements
Company will file its Financial Statements along with the additional fees to be paid as per section 403 of the Act
The Company after filing its Financial Statements shall seek condonation of delay in E Form e-CODS along with a fees of Rs. 30,000/-
The Din of the disqualified directors shall be deactivated on expiry of scheme if have not found to have filed its Financial Statements during the continuation of the Scheme
The Scheme will be applicable on below forms
1. Form 20B/Form MGT 7, Form 23AC, Form 23ACA, Form 23AC-XBRL, Form 23ACA-XBRL, Form 23B, Form 66
At the conclusion of the scheme, ROC is empowered to take action against the companies who have not availed the benefit of the Scheme
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