Page 40 - Corporate_Professional_Today

CondonATion of delAy SCheme 2018 – neW yeAr GifT To STruCk off ComPAnieS by roC
to annual filing documents and
other documents associated with
annual filing;
u Documents related to filing of annu-
al financial statements and annual
return for the Financial Year 2016-
17 shall not be allowed to be filed
under this Scheme as the due date
for this year falls from 1-10-2017 to
30-11-2017 (and including further
extension allowed). For filing of
such documents, stakeholders shall
pay the additional fee as applicable
and file the documents. To simply
put-Scheme is for filing of annual
financial statements for pending
Financial Years prior to 2016-17.
4.3 Para 3 clarifies that the Scheme shall
be applicable only to to those defaulting
companies (other than the companies which
have been stuck off/whose names have been
removed from the register of companies under
section 248(5) of the Act) which are yet to
file their overdue documents which were due
for filing till 30-6-2017.
u Analysis - Companies which have been
struck off by ROCs shall not be al-
lowed to avail of benefits under this
Scheme. They are, however, free to
move to NCLT and seek order for
revival with sufficient time in hand
to avail of benefits of this Scheme,
as the Scheme is for a limited period
only, i.e., upto March 31, 2017.
4.4 Para 4 states the procedure to be followed
under this Scheme for availing of its benefit.
The same can be summarized as under:
u DIN of disqualified directors shall be
activated temporarily only for the
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period of enforceability of this Scheme
by MCA for filing only overdue doc-
uments.
4.5 Para 5 lists out the forms which can be
u Defaulting companies shall file overdue
documents in their respective forms along
with additional fee as per section 403,
January 20 To January 26, 2018 u Taxmann’s Corporate Professionals Today u Vol. 41 u 41
read with the Companies (Registration
Offices and Fees) Rules, 2014.
u After filing overdue documents, defaulting
companies shall file e-Form e-CODS
2018 for seeking condonation of delay
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for which a fee of ` 30,000 shall have
to be paid.
u DIN of such disqualified directors who
shall be found guilty of non-filing of
overdue documents even after the expiry
of this Scheme shall be deactivated on
the expiry of this Scheme.
u Companies which have been struck off
and have filed applications for revival
shall be allowed to avail of benefit of
this Scheme only after NCLT’s order
of revival has been pronounced.
u Analysis - On reading of the above
procedure, it is clear that this Scheme
shall provide a limited period window
to the defaulting but active companies
to file all their overdue documents by
temporarily activating DIN of disqualified
directors of such companies only for the
purpose of filing the annual financial
statements and associated documents.
Importantly, it may be noted that that
companies who have made application
for revival of company with NCLT shall
also be allowed to avail of benefit of
this Scheme, only if Hon’ble NCLT
has ruled in their favour. However,
the Scheme shall also be applicable to
companies which shall file application
during the validity of this Scheme,
i.e., upto March 31, 2018 with Hon’ble
NCLT for their revival. Such companies
shall, however, obtain revival order
with sufficient time in hand to avail of
benefits of this Scheme by complying
with requirements under the Scheme
before the expiry of the same.
filed under this Scheme. The same are:
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