Monday, 1 January 2018

Condonation of Delay Scheme, 2018

In response to deactivation of the director identification numbers (“DIN”) of the directors associated with companies which have failed to file their financial statements and annual returns for a continuous period of 3 years, the disqualified directors and defaulting companies have been making representations seeking an opportunity to rectify their defaults under Section 164 read with Section 167(1) of the Companies Act, 2013.

Condonationof Delay Scheme, 2018 (“COD Scheme”) was placed before the Delhi High Court with an intent to provide an opportunity to the defaulting companies and disqualified directors to file the overdue e-forms (along with the additional fee) with the Registrar of Companies (“ROC”) within prescribed time period. After filing the pending e-forms with the ROC, the defaulting companies are required to file an e-form for condonation of delay along with a fee of INR 30,000.

Key highlights of the Scheme:

1.   The COD Scheme will remain valid from 01.01.2018 till 31.03.2018;
2.   The Scheme is applicable to all defaulting companies (other than companies which have been stuck off from the register of companies);
3.   Only the documents which were due for filing till 30.06.2017 can be filed under the COD Scheme;
4.   The DINs of disqualified directors will be temporarily activated during the validity of the Scheme;
5.   The benefits of this Scheme can be availed only for filing e-forms 20B/MGT-7, 21A/MGT-7, 23AC, 23ACA, 23AC-XBRL, 23ACA-XBRL, AOC-4, AOC-4 (CFS), AOC-4 (XBRL), AOC-4 (Non-XBRL);

The DIN of directors of companies whose name has been struck off from the register of companies and in respect of which an application for revival has been made with the NCLT, will be reactivated only upon NCLTs order subject to filing of pending documents/e-forms by the defaulting companies.

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