The Ministry of Corporate Affairs (MCA) implemented several measures to help businesses navigate the challenges posed by the COVID-19 pandemic. These included schemes like the Companies Fresh Start Scheme and LLP Settlement Scheme, offering opportunities to file overdue documents with reduced penalties. The MCA also provided relaxations on additional fees for various filings and extended deadlines for crucial compliances, such as board meetings, AGMs, and charge-related forms, to ease the burden on companies and LLPs.
The Ministry of Corporate Affairs (MCA) administers the provisions of the Companies Act, 2013 (the Act), The Limited Liability Partnership Act, 2008 and The Insolvency and Bankruptcy Code, 2016. MCA does not maintain data on event base. This was stated by the Union Minister of State for Corporate Affairs Shri Rao Inderjit Singh in reply to a question in Lok Sabha today.
However, the Minister stated, the total number of new companies registered from 1.04.2016 to 31.3.2021 and till date is as p
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FAQ :
The Companies Fresh Start Scheme, 2020, allowed companies to file belated documents without additional fees between April 1st and December 31st, 2020, and provided immunity from prosecution for delayed filings.
The MCA introduced the LLP Settlement Scheme, 2020, which offered one-time relaxation on additional fees for defaulting LLPs to file pending documents, extending the period due to the pandemic.
Yes, the MCA granted relaxation on additional fees for filing forms related to the creation or modification of charges, extending the deadlines due to the resurgence of the COVID-19 pandemic.
Companies were allowed to conduct Board Meetings, Extraordinary General Meetings (EGMs), and Annual General Meetings (AGMs) through Video Conferencing or other audio-visual means, with extended deadlines for compliance.
Yes, the deadline for submitting Cost Audit Reports was extended, and additional fees were relaxed for filing the CRA-4 form for the financial years 2019-2020 and 2020-21.