Bonjour, new guests from small-town India
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
Based on the rule, the President retires these officials with immediate effect from the afternoon of June 11. (File photo) - Getty images/istock.com
Corporate Affairs Ministry (MCA) has come out with a new scheme to accept the delay in filing of e-forms for companies whose names were restored by the National Company Law Tribunal (NCLT) during December 1-31, 2020. Consequently, all additional fees payable for delayed filing of any overdue e-forms under the new scheme will be waived, MCA has said.
It may be recalled that the government had during financial years 2017-18 and 2018-19 struck off more than 3.38 lakh companies from official records for failing to submit annual returns.
Thousands of companies are expected to benefit from this new scheme which goes by the title “Scheme for condonation of delay for companies restored on the Register of Companies between December 1, 2020 and December 31,2020, under section 252 of Companies Act 2013”.
Put simply, this scheme will provide waiver of additional fees on any overdue filings of e-forms with the Registrar of Companies, company law experts said. The last date for filing of any overdue e-forms will be March 31, 2021, the MCA has said. This new scheme comes into effect from February 1. Only normal filing fees will be charged and no additional fees would apply for the forms.
The MCA has also now highlighted that the Companies Fresh Start Scheme 2020 that came into effect in March 2020 and extended in September 2020 is no longer applicable for various filings done under the provisions of the Companies Act 2013.
Harish Kumar, Partner, L&L Partners, said :”Amidst the Industry representation for extension of Companies Fresh Start Scheme (CFSS) for all companies in general, MCA has granted a limited relief to those struck-off companies which have been restored by NCLT in the month of December 2020. However, this would not absolve such companies and their directors/officers from prescribed penalty which may otherwise be invoked by MCA for such delayed filings with normal fee. Needless to say, other non compliant companies would now have to bear the additional fees for delay in filings which may be followed by MCA invoking prescribed penalties against such companies”.
Manish Gupta, Partner, IndusLaw, said this is an emphatic move by the MCA as they acknowledged that the companies who went into appeal against the striking-off order could not avail the benefits under CFSS 2020. Though the scope of the circular is limited it will still benefit many companies who were vigilant and intended to take benefit of CFSS 2020 but could not, on account of the appeal against strike-off order being pending before NCLT.
Aseem Chawla, Managing Partner, ASC Legal, said that the condonation scheme provides for a limited dispensation for companies restored in the month of December 2020. “The condonation provides waiver from additional filing fees in respect of forms identified and the applicable normal fee would be payable. Hopefully this puts a graceful conclusion to the episode of striking off of Companies and their subsequent restoration", he said.
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
Citroen’s first vehicle sports a novel design and European interiors. It is also meant to be as comfortable as ...
The pandemic is only the tip of the iceberg that the country’s cash-poor airlines — both regional and national ...
The government is yet to specify the framework of its recently announced old vehicle scrappage policy
Here is a checklist that equips you to discern the market nuances
Sensex, Nifty 50 have witnessed sharp decline
The fund has consistently outperformed S&P BSE 100 TRI over one, three and five years
Returns are superior to immediate annuity plans, but SCSS can secure better rates for new investors sooner if ...
With the public looking beyond mainstream media for reports from the ground, independent digital platforms are ...
A book on Badri Narayan is a tribute — albeit a belated one — to an artist who did not enjoy the recognition ...
The country hasn’t had a quiet moment since the military seized power on February 1
The Tatmadaw sees itself as an embodiment of the nationalist soul of Myanmar. But their brand of nationalism ...
Its name is the starting point of a brand’s journey and can make a big difference in the success sweepstakes
Sober spirits are the in thing
A peek into where ad spends went last year and where they are headed tomorrow
Can Swiggy Instamart disrupt the ecommerce groceries space, currently ruled by the Amazons and Big Baskets? ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor