Companies Act 2013

Companies Fresh Start Scheme, 2020 (CFSS 2020) & Other Reliefs

Company Law - The MCA has introduced COMPANIES FRESH START SCHEME 2020 (Scheme) vide circular 12/2020 dated 30/03/2020 which applies to all companies in India. It shall come into force on 1.4.2020 and remains effective till 30th Sep 2020....

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Companies Fresh Start Scheme, 2020 for Non-Compliant Companies

Company Law - WHAT WAS THE NEED TO INTRODUCE COMPANIES FRESH START SCHEME, 2020 (CFSS 2020) AND AMENDED THE LLP SETTLEMENT SCHEME, 2020 (LLP SCHEME 2020)? The Ministry of Corporate Affairs (MCA) vide its notification dated 30th March 2020 has given Companies Fresh Start Scheme, 2020 (CFSS 2020) and amended the LLP Settlement Scheme, 2020 (LLP Scheme...

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Situs of Sitting Fees to Nominee Directors

Company Law - Nominee Director means a Director appointed to the Board of a Company to represent the interests of their appointer on the Board, nominated by any Financial Institution, Shareholder, Creditor, any Stakeholder or appointed by Government or any other person in pursuance of the provisions of any law for the time being in force, to represen...

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CFSS 2020- Ease of Doing Business

Company Law - General Circular No.12/2020 dated 30th day of March, 2020. Refer MINISTRY Circular 11/2020 dated 24th day of March, 2020. : In order to support and enable companies to focus on taking necessary measures against COVID 19, MCA decided to reduce compliance burden and other risks. Accordingly: Additional filing fees waived from 1st April 2020...

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32 FAQs on Companies Fresh Start Scheme, 2020

Company Law - Ministry has received representations from various stakeholders requesting for grant of one time opportunity, so as to enable them to complete their pending compliances by filing necessary documents in the MCA-21 registry including annual filings without being subject to a higher additional fees on account of any delay. Also COVID 19 has ...

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Activate ‘Deactivated’ DIN without any filing fees till 30.09.2020

Company Law - DIN holders of DINs marked as ‘Deactivated’ due to non-filing of DIR-3KYC/DIR-3 KYC-Web and those Companies whose compliance status has been marked as ‘ACTIVE non-compliant’ due to non-filing of Active Company Tagging Identities and Verification (ACTIVE) eform are encouraged to become compliant once again in pursuance of t...

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Facilitation measures undertaken by Regulatory Authorities- COVID-19- ICSI

Company Law - Developments arising due to the spread of the COVID-19 virus have warranted the need for temporary relaxations in compliance requirements and other facilitation measures. The measures undertaken by both, the Ministry of Corporate Affairs and the Securities and Exchange Board of India are placed hereinbelow:...

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ICSI on Company Affirmation of Readiness towards COVID-19

Company Law - MCA has deployed a simple web form for companies/LLPs to confirm their readiness to deal with the COVID-19 threat. The web form named CAR (Company Affirmation of Readiness towards COVID-19) is required to be filed by authorized signatory of company/LLP....

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ICSI Request for relaxation in filing of ROC forms & compliances

Company Law - While fully appreciating the measures undertaken by the Ministry of Corporate Affairs allowing the Companies to hold their Board Meetings through audio visual means even for the restricted items till 30th June 2020, taking cognizance of the gravity of the public health situation, we request your good-self to kindly consider the relaxation...

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No penalty or enforcement related action for Form CAR

Company Law - Companies Affirmation of Readiness towards COVID-19 Stakeholders may please note that there is no fee application for Form CAR (Companies Affirmation of Readiness towards COVID-19). It may be noted  that this form is a purely confidence building measure to assess the readiness of the companies to deal with COVID-19 threat in India. As Su...

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Suo Moto NCLAT Delhi order under Insolvency, Competition & Company Law

Suo Moto (NCLAT Delhi) - That the period of lockdown ordered by the Central Government and the State Governments including the period as may be extended either in whole or part of the country, where the registered office of the Corporate Debtor may be located...

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NCLAT dismisses pleas of IL&FS auditors Deloitte & KPMG against impleadment

Deloitte Haskins & Sells LLP. Vs Union of India (NCLAT) - Various acts  of IL&FS like over borrowing were prejudicial to the public interest which had cascading impact on various sectors of the economy and the red signals were raised against the IL&FS by the country and even by the department of economic affairs of the country, therefore, before passing a...

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Difference between ‘Adjudicating Authorities’ & ‘Court’: NCLAT clarifies

Vijay Pal Garg & Ors. Vs Pooja Bahry (NCLAT) - Adjudicating Authorities cannot possess the power to direct the Central Government to conduct/order the investigation against any company. Taking a look at Section 210(3) of the Act, it is clear that the Central Government ought to conduct an investigation into the affairs of the Company by appointi...

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HC: No interim relief to directors who were disqualified u/s 164(2)

Satish Kumar Gupta Vs Union of India (Bombay High Court) - Where a director was disqualified under section 164(2) of the Companies Act 2013 for not filing Financial Statements and Annual Returns continuously for a period of three years, then, the disqualification was incurred and no interim relief  was to be granted for the same as these were ministerial o...

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HC quashes ROC action deactivating DINs of all disqualified Directors

Jai Shankar Agrahari Vs Union Of India And Another (Allahabad High Court) - Allahabad High Court held thaty there is no provision which empowers ROC to de-activate DIN, only on the ground that a Director has incurred disqualification under Section 164(2) (a) or his Office has become vacant under Section 167(1) (a). It also quashes List of disqualified directors published by...

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Details of Companies Fresh Start Scheme, 2020 (CFSS-2020)

The Ministry of corporate affairs issued a scheme known as Companies fresh start Scheme 2020 (CFSS-2020) condoning the delay in filing of documents with the ROC at a normal fee only and grant immunity from launching of prosecution for imposing penalty on account of delay associated with certain fil...

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Companies Fresh Start Scheme, 2020

General Circular No. 12/2020 - (30/03/2020) - Central Government introduce a Scheme namely Companies Fresh Start Scheme, 2020 (CFSS-2020) condoning the delay in filing the specified documents with the Registrar, insofar as it relates to charging of additional fees, and granting of immunity from launching of prosecution or proceedings for imposi...

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MCA introduces Companies Fresh Start Scheme 2020 & Revises LLP Settlement Scheme 2020

NA - Ministry of Corporate Affairs introduces the 'Companies Fresh Start Scheme, 2020' and revised the 'LLP Settlement Scheme, 2020' to provide relief to law abiding companies and Limited Liability Partnerships (LLPs) in the wake of COVID 19...

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Contribution to PM CARES Fund shall qualify as CSR expenditure

eF. No. CSR-05/1/2020-CSR-MCA - (28/03/2020) - The PM-CARES Fund has been set up to provide relief to those affected by any kind of emergency or distress situation. Accordingly, it is clarified that any contribution made to the PM CARES Fund shall qualify as CSR expenditure under the Companies Act 2013....

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MCA defers applicability of CARO 2020 to 1st April 2020 (FY 2020-21)

S.O. 1219(E) - (24/03/2020) - MCA has vide its order dated 24th March 2020 announced that CARO 2020 will applies, for the financial years commencing on or after the 1st April, 2020 instead of financial years commencing on or after the 1st April, 2019. Decision is been take considering recent Outbreak of Corona Virus. GOVERNMENT ...

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Recent Posts in "Companies Act 2013"

Companies Fresh Start Scheme, 2020 (CFSS 2020) & Other Reliefs

The MCA has introduced COMPANIES FRESH START SCHEME 2020 (Scheme) vide circular 12/2020 dated 30/03/2020 which applies to all companies in India. It shall come into force on 1.4.2020 and remains effective till 30th Sep 2020....

Read More
Posted Under: Company Law |

Companies Fresh Start Scheme, 2020 for Non-Compliant Companies

WHAT WAS THE NEED TO INTRODUCE COMPANIES FRESH START SCHEME, 2020 (CFSS 2020) AND AMENDED THE LLP SETTLEMENT SCHEME, 2020 (LLP SCHEME 2020)? The Ministry of Corporate Affairs (MCA) vide its notification dated 30th March 2020 has given Companies Fresh Start Scheme, 2020 (CFSS 2020) and amended the LLP Settlement Scheme, 2020 (LLP Scheme...

Read More
Posted Under: Company Law |

Situs of Sitting Fees to Nominee Directors

Nominee Director means a Director appointed to the Board of a Company to represent the interests of their appointer on the Board, nominated by any Financial Institution, Shareholder, Creditor, any Stakeholder or appointed by Government or any other person in pursuance of the provisions of any law for the time being in force, to represen...

Read More
Posted Under: Company Law |

CFSS 2020- Ease of Doing Business

General Circular No.12/2020 dated 30th day of March, 2020. Refer MINISTRY Circular 11/2020 dated 24th day of March, 2020. : In order to support and enable companies to focus on taking necessary measures against COVID 19, MCA decided to reduce compliance burden and other risks. Accordingly: Additional filing fees waived from 1st April 2020...

Read More
Posted Under: Company Law |

32 FAQs on Companies Fresh Start Scheme, 2020

Ministry has received representations from various stakeholders requesting for grant of one time opportunity, so as to enable them to complete their pending compliances by filing necessary documents in the MCA-21 registry including annual filings without being subject to a higher additional fees on account of any delay. Also COVID 19 has ...

Read More
Posted Under: Company Law |

Company Fresh Start Scheme 2020

Background MCA on 30th March, 2020 has come up with the ‘Companies Fresh Start Scheme 2020’ (the scheme) to provide an opportunity to the company to make good any previous filing defaults, irrespective of duration without any additional fees. It is a one-time waiver of additional filing fees for delayed filings with MCA. It is...

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Posted Under: Company Law |

Companies Fresh Start Scheme 2020 (CFSS 2020)- 7 Things to know

Ministry of Corporate Affairs, has introduced the 'Companies Fresh Start Scheme,2020' a first of its kind opportunity to companies to make good any filing related defaults, irrespective of duration of default, and make a fresh start as a fully compliant entity....

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Posted Under: Company Law |

Recent Relaxations by Ministry of Corporate Affairs (MCA)

With the outbreak of COVID-19 across India, measures were taken by the Ministry of Corporate Affairs (MCA) for reducing the compliance and financial burden on the companies operating in India. The relaxations are also aimed at providing defaulting companies with an opportunity to restart their businesses by filing pending documents with n...

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Posted Under: Company Law |

Declaration and Payment of Dividend under Companies Law

SECTION 123 TO 127 OF COMPANIES ACT, 2013 READ WITH THE COMPANIES (DECLARATION AND PAYMENT OF DIVIDEND) RULES, 2014 DIVIDEND- SECTION 2(35) Where in simple words, dividend can be defined as the sum of money paid by a company, to its shareholders, out of the profits made by a company, if so authorised by its […]...

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Posted Under: Company Law |

Preferential Issue of Shares under the Companies Act, 2013

1. The issue of shares on a preferential basis is governed by Section 62(1)(c) of the Companies Act, 2013 and Rule 13 of the Companies (Share Capital and Debentures) Rules, 2014. 2. In accordance with the provisions of Section 62(1)(c) of the Act, where at any time, a company having a share capital proposes to […]...

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Posted Under: Company Law |

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