Disqualification of Directors for Non-Filing of Annual Statements or Financial Statements for continuous period of 3 years

MCA in September 2017, identified over 3 Lakh directors associated with the companies that had failed to file financial statements or annual returns in MCA 21 online for a continuous period of three financial years 2013-14 to 2015-16 in terms of provisions of section 164(2) r/w sec 167(1)(a) of the act and they were barred  from accessing the online registry and a list of such directors was published on the website of MCA.

Whereas, with a view point to giving an opportunity for the non-compliant, defaulting companies to rectify the default, in exercise of its powers conferred under sections 403, 459 and 460 of the companies act, 2013, the central government has decided to introduce a Scheme namelyCondonation of Delay Scheme, 2018, with effect from 01-04-2018 to 31-03-2018, Companies who have not availed the aforesaid scheme shall be continued to be in default in filing the overdue documents and the registrar shall take all necessary actions as provided in Para 7 of CODS, 2018.

However, where all directors DIN has been deactivated and are disqualified in terms of sec 164(2), then the company shall be implied to be dissolved.

In such a case, under section 252 of the act, The aggrieved person by the order may file an appeal before the Tribunal within a period of three years from the date of order of the registrar and if the Tribunal is of the opinion that the removal of the name of the company from the register of companies is not justified in view of the absence of any of the grounds on which the order was passed by the Registrar, it may order restoration of the name of the company in the register of the companies.

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One Comment

  1. Shivam says:

    1)Is anyone who can explain to me how do companies calculate their deferred tax and MAT and what is the treatment this in Balance Sheet…?
    2)How the companies calculate their current tax ….?
    3)How the Standalone Financial Statement and Consolidated Financial Statements are prepared with example….?

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September 2021