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Bumper offer from MCA for Defaulting Companies...

 

Now it’s the time for the defunct companies and companies making default in timely filing of documents with ROC under the companies act to make their default good.

 

MCA has launched two limited period offers for such companies. The schemes will be in operation from 30th May, 2010 to 31st Aug, 2010.

 

Easy Exit Scheme (EES), 2010 (under section 560)

 

Defunct companies which has active status on MCA and desirous of getting their name struck off from the Register of Companies can avail the benefit of the scheme.

 

Only companies registered under Companies Act 1956 can avail the benefit of the scheme.

 

“Defunct company” means a company registered under the Companies Act, 1956 which is not carrying over any business activity or operation on or after the 1st April, 2008 and includes a company which has not raised its paid up capital as provided in sub sections (3) and (4) of section 3 of the Companies Act, 1956.

 

Scheme does not cover the following companies:

1.                   Listed companies

2.                   Section 25 companies

3.                   Vanishing companies

4.                   Companies under inspection/investigation

5.                   Companies against which prosecution for a non-compoundable offence is pending in court

6.                   Companies having outstanding public deposits or secured loan or dues towards banks and financial institutions or any other Government Departments etc. or having management dispute

7.                   Company in respect of which filing of documents have been stayed by court or CLB or Central Government or any other competent authority.

 

Application:

1.                   Fees: NIL

2.                   Form: E-Form EES, 2010, duly certified by a CA /CS / CWA in whole time practice

3.                   Attachments: Affidavit (Annexure-A), Indemnity Bond (annexure-B) and a Statement of Account (Annexure-C) duly certified by the statutory auditor or a CA in whole time practice.

 

Availing the benefit of the Scheme will prevent companies from prosecution and other legal action.

 

The ROC will give thirty days time for raising objection, if any, by the stakeholders to the concerned Registrar and after that if no objection raised the company’s name be struck off from the Register and the company will be dissolved;;

 

 


Company Law Settlement Scheme (CLSS), 2010

 

Large numbers of companies are not filing their due documents timely with the Registrar of Companies. Non-filing of the documents on time causes additional fee and prosecutions also.

 

Companies registered under Companies Act 1956 and foreign companies falling under section 591 of the act can avail the benefit of the scheme.

 

 

The scheme offers defaulting companies (a company registered under the Companies Act, 1956 and a foreign company falling under section 591 of the Act, which has made a default in filing of documents on the due date(s) specified under the Companies Act, 1956 and rules made there under) to make their default good by filing belated documents and to become a regular compliant in future.

 

Scheme does not apply to:

1.                  Filing of documents for incorporation or establishment of place of business in India or where specific order for condonation of delay or prior approval under the provisions of the Companies Act, 1956 is to be obtained from the Company Law Board or the Central Government or Court or any other Competent Authority is required

2.                  Companies against which action under sub-section (5) of section 560 of the Act has been initiated.

 

Scheme offers:

1.                   Immunity from future and pending prosecution pending before court(s) and other legal action.

2.                   Forgiving the 75 percent of additional fee payable for filing belated documents

 

Availing the benefit of the Scheme will prevent companies from prosecution and other legal action.

 

At the end of scheme, registrar shall take action against the companies who have not availed this Scheme and are in default in filing of documents in a timely manner.

 

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Regards,

Krishan




Category Corporate Law, Other Articles by - Krishan 



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