The Government has provided several relief in
statutory compliance in various statutes. In most of the statute, the
relief is related to the deferment of compliance burden for the next 3 months.
However, by Ministry of Corporate Affairs, has given a big relief for the Pvt.
Ltd./ Ltd. Companies to restart afresh where the companies could not comply
with any of the compliance in earlier years, through MCA vide General
Circular no. 12/2020 dated March 30, 2020.
This is a one-time opportunity for all
the companies to make their defaults good irrespective of their duration and
make a fresh start as fully complied entities provided defaults shall be made
good during the period of the scheme. Any pending filings can be completed now
without having charged penalties for late filing.
To allow defaulting companies and to
enable them to file belated documents, the Central Government has introduced a
scheme namely Companies Fresh Start Scheme, 2020 for condoning the delay
in filing financial statements, annual return and various other documents,
statements, returns required to be filed with the MCA.
ROC will grant immunity
from launching of prosecution or proceedings of imposing penalty on account of
delay in respect of the filings.
Only normal fees will be required to
be paid in such cases. There will be no additional fees charged for late filing
irrespective of the period.
the Scheme: 1st April 2020
to 30th September 2020.
fees: Nil (Only applicable normal fees of the
form will be payable).
from the launch of prosecution or proceedings for imposing penalty
Form: CFSS form has to be filed after completion of
belated filing with ROC to take an immunity certificate.