MCA notified Companies Fresh Start Scheme-2020

MCA notified Companies Fresh Start Scheme-2020

 

MCA notified Companies Fresh Start Scheme-2020 in its Circular No 12/2020 Dated 30.03.2020 to relieve the all defaulting Company from the payment of an additional fee for the filing of delayed documents.

WHAT IS CFSS-2020?

  1. All deflating companies irrespective of the period and time of delay can file their belayed document including the filing of Annual return and Financial statement with the payment of normal fee and can make their defective good.
  2. Inactive Company can declare themselves as dormant Company under section 455 of the act by filing the simple application with normal fee and can remain on Registrar of Companies with minimum compliance requirement.

Immunity shall be granted only for the payment of the penalty for the filing of delayed documents. Any other consequential proceeding including any proceeding involving the interest of any shareholder or any other person or the company or its directors or key managerial personnel would not be covered.

WHEN BELAYED DOCUMENTS CAN BE FILED?

The Scheme shall come into force on the 01.04.2020 and shall remain in force till 30.09.2020.

WHO CAN FILE THE BELAYED DOCUMENTS?

Any defaulting Company can avail of the benefit of this scheme by the filing of delayed documents.

WHAT ARE THE CIRCUMSTANCES OR FORM ON WHICH SCHEME NOT APPLICABLE?

  1. Company for the final notice of strike-off has been issued u/s 248 of Companies Act and section 560 of Companies act 1956.
  2. Where the application of strike-off has been filed by the Company.
  3. Companies amalgamated under the scheme of arrangement or compromise under the Act.
  4. Where an application for the dormant status U/s 455 already filed before initiation of this scheme.
  5.  To vanishing Company
  6. If an order is already passed by any court or authority for imposing of penalty.
  7. On SH-7 , CHG-1, CHG-4, CHG-8, CHG-9.

SCHEME FOR INACTIVE COMPANIES?

  1. They can file MSC-1 with the normal fee for declaration as a dormant company.
  2. They can apply for the strike off by filing STK-2  by payment of a normal application fee.