The Central Government has introduce a Scheme namely “Condonation of Delay Scheme 2018” [CODS-2018].
> Condonation of Delay Scheme 2018 shall come into force with effect from 01.01.2018 and shall remain in force up to 31.03.2018.
> “Defaulting company” means a company which has not filed its financial statements or annual returns as required under the Companies Act, 1956 or Companies Act, 2013, as the case may be, and the Rules made there under for a continuous period of three years.
Applicability: – Condonation of Delay Scheme 2018 is applicable to all defaulting companies (other than the companies which have been stuck off/ whose names have been removed from the register of companies. A defaulting company is permitted to file its overdue documents which were due for filing till 30.06.2017.
Procedure to be followed for the purposes of the Condonation of Delay Scheme 2018:-
In the case of defaulting companies whose names have not been removed from register of companies,-
i. The DINs of the concerned disqualified directors de-activated at present, shall be temporarily activated during the validity of the scheme to enable them to file the overdue documents.
ii. The defaulting company shall file the overdue documents in the respective prescribed e-Forms paying the statutory filing fee and additional fee (Rs. 30000) payable as per section 403 of the Act read with Companies (Registration Offices and fee) Rules, 2014 for filing these overdue documents.
iii. The defaulting company after filing documents under this scheme, shall seek condonation of delay by filing form e-CODS attached to the scheme online on the MCA21 portal. The fee for filing application e-form CODS is Rs. 30000/- (Rs. Thirty Thousand only).
iv. The DINs of the Directors associated with the defaulting companies that have not filed their overdue documents and the e-form CODS, and these are not taken on record in the MCA21 registry and are still found to be disqualified on the conclusion of the scheme shall be liable to be deactivated on expiry of the scheme period.
v. In the event of defaulting companies whose names have been removed from the register of companies under section 248 of the Act and which have filed applications for revival under section 252 of the Act up to the date of this scheme, the Director’s DIN shall be re-activated only NCLT order of revival subject to the company having filing of all overdue documents.
Condonation of Delay Scheme 2018 not to apply for certain documents – This scheme shall not apply to the filing of documents other than the following overdue documents:
i. Form Number 208/MGT-7- Form for filing company having share capital.
ii. Form 21A/MGT-7- Particulars of Annual return Annual return for the company not having share capital.
iii. Form 23AC, 23ACA, 23AC-XBRL, 23ACA-XBRL, AOC-4, AOC-4(CFS), AOC (XBRL) and AOC-4(non-XBRL) -Forms for filing Balance Sheet/Financial Statement and profit and loss account.
iv. Form 66 – Form for submission of Compliance Certificate with the registrar.
v. Form 238/ADT-1- Form for intimation for Appointment of Auditors.
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