Everything about MCA Company Fresh Start Scheme (CFSS) 2020
The Ministry of Corporate Affairs released Company Fresh Start Scheme 2020 full Circular 12/2020 dt 30.3.2020 which applies to both public and private corporations incorporated under the CoAct 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 I 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.
New update of the Company's Annual Filing Date and time
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 lifetime of chance is 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 Extend CFSS 2020 & LLP Settlement Scheme to 31.03.2021