March 31, 2020
The Ministry of Corporate Affairs (“MCA”) vide its circular dated 30th March 2020 has issued “Companies Fresh Start Scheme, 2020” (“CFSS 2020”) and revised the “LLP Settlement Scheme, 2020” (“LLP Scheme 2020”) to promote defaulting companies/LLPs to make a fresh start on a clean slate and waive the additional fees for delayed filings by the companies/LLPs with the Registrar of Companies (“ROC”) during the currency of the Schemes i.e. from 1st April 2020 to 30th September 2020. Both the schemes incentivize compliance and reduce compliance burden during the unprecedented public health situation caused by the outbreak of COVID-19.
The CFSS 2020 and LLP Scheme 2020, both contain provisions for giving immunity from penal proceedings, including relief against imposition of penalties for late submissions and further provide additional time for filing appeals before the concerned Regional Directors against imposition of penalties, if already imposed. However, the immunity is only against delayed filings with MCA and not against any substantive violation of law.
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