In a major relief to Companies, whose directors were disqualified for not filing their financial statements or annual returns for two straight years, violating provisions of the Companies Act, 2013, the Ministry of Corporate Affairs (MCA) has introduced the Condonation of Delay Scheme 2018”.
Earlier this year, MCA, as part of clamping down on illicit fund flows, has disqualified more than 3.09 lakh directors of companies which failed to submit annual filings for a long time.
The move is with a view to giving an opportunity for the non-compliant, defaulting companies to rectify the default.
The scheme will be implemented from 1st January 2018 to 31st March 2018.
Bona fide directors can take the benefit from the proposed scheme that will provide a three-month window for defaulting companies to submit their filings.
With the circular, the form for application for the scheme has also been attached.
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