Condonation of Delay Scheme, 2018

By January 2, 2018 December 20th, 2019 No Comments
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.

highlights of the Scheme:

The COD Scheme will remain
valid from 01.01.2018 till 31.03.2018;
The Scheme is applicable
to all defaulting companies (other than companies which have been stuck off
from the register of companies);
Only the documents which
were due for filing till 30.06.2017 can be filed under the COD Scheme;
The DINs of disqualified
directors will be temporarily activated during the validity of the Scheme;
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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