With a view to giving an opportunity for the non-compliant, defaulting companies to rectify the default, the Central Government has decided to introduce a Scheme namely “Condonation of Delay Scheme 2018” which will be implemented from 1st January 2018 to 31st March 2018.
A circular issued by the Ministry of Corporate Affairs (MCA) has confirmed the same.
A few months ago, MCA, with an intent to crackdown on shell companies, had disqualified more than two lakh directors of shell companies within a span of 15 days, for not filing their financial statements or annual returns for two straight years, violating provisions of the Companies Act, 2013.
Such companies which have been stuckoff /whose names have been removed from the register of companies under section 248(5) of the Act can take the advantage of the Scheme.
On adopting the above scheme, the concerned Registar will withdraw all the pending the prosecution(s) for all documents filed under the scheme. “However, this scheme is without prejudice to action under section 167(2) of the Act or civil and criminal liabilities, if any, of such disqualified directors during the period they remained disqualified.”
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