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Everything about MCA Company Fresh Start Scheme (CFSS) 2020
The Ministry of Corporate Affairs released Company Fresh Start Scheme 2020 full Circular 12/2020 dated.. 30.3.2020 which applies to both public and private corporations incorporated under the Companies Act 1956/2013.
The key provisions are as follows:-(1) Permits to register all outstanding refunds, accounts, records over any amount of years.
(2) It shall come into force on 1.4.2020 and shall remain in effect until 30 September 2020.
(3) It shall extend to all public or private entities who have not submitted any financial statements or records, including tax reports, for any amount of years as of the date of filing.
(4) Only the usual payments as they prevail on the date of filing shall be payable.
(5)No late charge, no fine, no investigation instead of regular fees owed.
(6) Prosecution where any outstanding is disposed of after payment
(7) The scheme shall not apply to those companies against which the final notice under section 248 has been given to ROC for cancelation or which have applied for cancelation or have been declared dormant; vanishing or dormant company or companies under CIRP.
(8) Companies who have canceled their names can not benefit from this scheme and must have their names restored;
(9) Companies that make use of this scheme for the purpose of becoming inactive under Section 455 and also (ii) deleting their names
(10) After payment of the usual fees and the return of documents has been registered, an application shall be lodged electronically (without any fees) for the purposes of this scheme.
(11)Scheme grants immunity from filing forms and returns of records, but not from any disciplinary action by the organization for which ROC may be necessary.
It is a prime opportunity to register any remaining annual reports, plus any overdue annual returns, for any amount of years.
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Last 9 Days to Avail CFSS Scheme – Save ROC Huge Penalty via Availing the Scheme
Revive Your Struck-Off Company/Restoration of DIN
If our company has been struck off due to noncompliance to meet the Companies Act, norms & you want to restart your company without paying heavy penalties to the MCA then this is an update for you.
Take Advantage of CFSS, 2020 for Revival of Company
The Companies Fresh Start Scheme, 2020 or CFSS is brought by the Ministry of Corporate Affairs (MCA). The scheme is valid only till 30 September 2020 and offers companies struck off from RoC a one time opportunity of applying for condonation of their failure to comply with the Compliance norms (delay of filling the required different documents, returns, forms, etc. with the ROC). Let’s understand the advantage offered required under this scheme,
Benefits to Avail in Companies Fresh Start Scheme
- The revival of any struck-off company with a complete fee waiver in compliance post Revival up to 30th September’2020
- An immunity period of 6 months (with Immunity Certificate) for the company from the date of closure of CFSS, 2020 i.e., 30 September 2020.
- The aforesaid companies will only have to pay the usual normal fees specified by Company Rules, 2014 to file for the MCA-21 registry.
How you Can help Yourself to Make the Most of This Opportunity?
So, if your company is struck off and you want to complete your compliance without paying heavy penalties, then wait no more as only one month is remaining before the CFSS scheme ends.
- Don’t let this chance slip!
- Make the most of this scheme, Enquire‘Today’ to know more about CFSS, 2020.
- Non-Compliant Companies are heavily penalized by the Ministry of Corporate Affairs. Directors have advised a cautious approach towards running the company or it may lead to prosecution as well as monetary punishment.
Defaulting companies that have failed to file ROC returns can now use CFSS 2020 and start afresh. Protection from all penalties and late charges is assured. Once a life – time of chance granted by the MCA.
Rush to execute your pending ROC annual filing presently. The deadline for the implementation of the CFSS 2020 scheme is 31 December 2020.
The ROC annual filing forms, such as DIR 3 KYC, AOC 4. MGT 7, ADT 1, PAS 6, LLP form 8, LLP form 11, MGT 14 etc. has been extended CFSS 2020 & LLP Settlement Scheme to 31.03.2021
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Post by Rajput Jain & Associates