Ministry of Corporate Affairs has extended the duration of Company Fresh Start Scheme, 2020, holding of Meetings through Video Conferencing, LLP Settlement Scheme, 2020 etc. till 31st December, 2020 in view of continued disruption caused due to the COVID-19 pandemic and to provide greater ease of doing business. MCA has issued various circulars on 28.09.2020 for the same which are explained below:
1. Extension of Companies Fresh Start Scheme, 2020:
MCA has granted an opportunity to corporate to regularise their pending filings (like DPT-3, AOC-4, MGT-7, BEN-2, MSME-I, DIR-3 KYC, ADT-1, PAS-3, INC-22A etc) at normal fees till 31st December, 2020. CFSS also seeks to grant immunity to corporates to save them from penal prosecution in respect of delayed filings. This effectively allows corporates to make a fresh start.
Please find the below link of MCA Circular 30/2020 dated 28th September, 2020 for the same:
http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo.30_28092020.pdf
2. Extension of LLP Settlement Scheme, 2020:
MCA has granted an opportunity to LLP to regularise their pending filings at normal fees (LLP-8, LLP-11 etc) till 31st December, 2020.
Please find the below link of MCA Circular 31/2020 dated 28th September, 2020 for the same:
http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo.31_28092020.pdf
3. Extension of time for filing forms related to creation or modification of charges under Companies Act, 2013:
Though the benefit of waiver of additional fees was not extended to the charge related documents under the Companies Fresh Start Scheme. The MCA has introduced a scheme namely "Scheme for relaxation of time for filing forms related to creation or
modification of charges under the Companies Act, 2013" for the purpose of delay in filing of forms related to creation/modification of charges.
Please find the below link of MCA Circular 32/2020 dated 28th September, 2020 for the same:
http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo.32_28092020.pdf
4. Extension of due date of holding AGM for the Financial Year 2019-20 by 3 Months
On account of difficulties arising in holding AGM due to COVID-19, Companies whose Financial year has ended on 31st March, 2020 are allowed to hold their AGM till 31st December, 2020.
5. Extension of time for holding EGM through Video Conferencing:
It has been decided to allow
companies to conduct their EGMs through VC or transact items
through postal ballot in accordance with the framework provided in the aforesaid
Circulars upto 31 st December, 2020.
Please find the below link of MCA Circular 33/2020 dated 28th September, 2020 for the same:
http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo.33_28092020.pdf
Author: FCS Geetanjali Bhugra (B.com, CS, LLB, LLM), Geetanjali Bhugra & Associates, Company Secretaries, Panipat.
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