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Extension of CFSS and LLP Scheme requested by ICSI

Posted on 04 January 2021

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The Institute of Company Secretaries of India has written a representation letter to the Union and Finance Minister Smt. Nirmala Sitharaman requesting for the Ministry of Finance to extend the Companies Fresh Start Scheme to 31st March 2021. The validity for the CFSS Scheme collapsed on 31st December 2020. However, no news for the extension has come yet. Professionals have also taken it to Twitter to express their demands, as Extends_CFSS trends on the social networking site. Read the official representation letter below:

 

MCA: December: 2020
 
24th December, 2020
Shri Rajesh Verma, IAS Secretary
Ministry of Corporate Affairs Government of India
Shastri Bhawan Dr.Rajendra Prasad Road New Delhi -110001
 

Subject: Request for extension of timelines due to COVID-19-reg.

Respected Sir, 

We extend our heartfelt gratitude towards the Ministry of Corporate Affairs (MCA) for having extended various relaxations to the corporate and other stakeholders in the times of Covid 19. As you are kindly aware that impact of Covid 19 pandemic is not yet over and the stakeholders are still facing significant challenges in undertaking the functions smoothly.

Considering the ongoing situation, we request you to consider further relaxation in due dates of the following compliances:
 

S. No.

MCA Notification/Circular no. & Date

Detail

Suggestion

1.

General Circular 12/2020 dated

March, 2020

No. 30th

Companies Fresh Start Scheme, 2020 (CFSS- 2020)

The scheme may extended upto 31st March, 2021.

 

General Circular 30/2020 dated September, 20 0

No. 28th

The Companies Fresh tart Scheme was introduced on the 1st April, 2020. The scheme offered one-time opportunity to the defaulting companies to file the pendin documents without charging higher additional fees on any delay with the MCA. The said scheme as extended till 31st December, 2020.

 

2.

General Circular 13/2020 dated March, 2020

General Circular 31/2020 dated September, 20 0

No. 30th

No. 28th

LLP Settlement Scheme, 2020

The LLP Settlement Schem was introduced on the 1st April, 2020. The scheme offered one-time opportunity to the defaulting LLPs to file the pending documents witho t charging higher additional fees on any delay with the MCA. The said scheme was extended till 31st December, 2020.

The scheme may extended upto 31st March, 2021 and accordingly the due date for filing belated docume ts may be extended

 

General Circular 37/2020 dated November, 20 0

No. 9th

 

3.

General Circular 23/2020 dated June, 2020

No. 17th

Scheme for relaxation of time for filing forms related to creation or mod fication of charges under the Act

The period may be extended u to 31stMarch, 2021.

 

General Circular 32/2020 dated September, 20 0

No. 28th

The scheme is available whi h granted relaxation in filing of Form No. C G-l and Form No. CHG-9 by a company or a charge holder which has been extended till 31st December, 2020.

 

4.

MCA Notification no.

GSR 186 (E) dated 19th March, 2020

MCA Notification no. 395(E) dated 23rd June, 2020

MCA Notification no.

G.S.R. 590(E) dated September 28, 2020

Holding Board Meeting through Video Conferencing

In terms of the provisions of Rule 4 of the Companies (Meetings of Board and its Powers) Rules, 2014, certain matters at the Board Meeting shall not be dealt with in any meeting through video conferencing or other audio-visual means. The said provisions were relaxed and such matters were allowed to be conducted through Video Conferencing till 31st December, 2020.

This relaxation may be extended up to 31st March, 2021.

5.

General Circular No.

14/2020 dated 8th April, 2020

Companies to hold EGMs or transact business through postal ballots through VC or OAVM

This relaxation may be extended up to 31st March, 2021.

 

General Circular No. 17/2020 dated 13th April, 2020

The MCA has allowed companies to conduct their EGMs through VC or OAVM or transact items through postal ballot in accordance with the framework provided in the Circulars upto 31st December, 2020.

 
 

General Circular No. 22/2020 dated 15th June, 2020

   
 

General Circular No. 33/2020 dated 28th September, 2020

   

We hope that the above submissions which are on account of the difficulties and hardship faced by the stakeholders would be considered favorably. We shall be pleased to provide any further information in this regard on hearing from your goodself.

Thanking You, Yours faithfully,

(CS Asish Mohan) Secretary

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