Companies Fresh Start Scheme
File all pending returns without any penalty
The central government has launched the Companies Fresh Start Scheme with effect from 1st April 2020 to allow a defaulting or inactive company to file any document, statement, returns including annual returns to the Registrar of Companies of any period without payment of any additional fee and penalty. This is a golden opportunity to file all old & pending returns of your company without any additional fee and penalty.
Frankly speaking, it is an incredible scheme introduced by the Ministry of Corporate Affairs (MCA) in India, which gives a one-time relaxation from any additional fee, penalty or prosecution under the companies act with respect to pending returns of any kind by a company. The scheme is effective from 1st April 2020 and shall continue until 30th September 2020.
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Timeline & Applicability of The Companies Fresh Start Scheme, 2020 (CFSS-2020)
The new scheme is time-bound and is available within its well-defined timeline. This section shall deal with the deadlines and general applicability of CFSS-2020 Scheme
Eligible Forms Under Company Fresh Start Scheme 2020
All forms are eligible except those which have been specifically marked as Not Allowed. Please see below section
Scheme Will Not Apply in Following Cases
Stepwise Process To Use CFSS-2020 by a Defaulting Company.
Step – 1: Due Diligence Check
Through the process of due diligence, you shall discover all the defaults of the past and can take remedial steps to correct it. The CFSS-2020 scheme gives a one time opportunity to come clean and start afresh. We have a Complimentary Service to do Due Diligence Limited to ROC.
Step – 2: File All Pending Returns
Once you know what are the forms, documents, statements, and returns, which have to be submitted to ROC, get it done. We have a dedicated team of Company Secretaries and We can help you to file all your pending returns on a reasonable professional fee. Please note that 30th September is the last date to file pending forms under CFSS-2020
Step – 3: Wait for approval of the ROC
After you have filed all your pending forms, wait for its approval by the ROC. The annual returns like AOC-4, MGT-7, etc get approved instantly based on the professional attestation. However, forms like MGT-14 may take some time in getting approved.
Step – 4: File Immunity Form in CFSS-2020
Once all filed forms have been approved, you need to file an application for issuance of the Immunity Certificate under CFSS-2020. The application for grant of immunity can be filed only after the Scheme is over and all the pending forms have been filed. However, the maximum time within which the immunity application is to be filed is within six months of scheme closure. I.e. The Last Date is 30th March 2021.
Step – 5: Wait for approval of the CFSS-2020
Well, you have done all things which were required under the Companies Fresh Start Scheme, 2020. Wait for the approval of your immunity application. In case there is any resubmission required or the ROC seeks further information, please do provide that promptly, remain vigilant until it is approved.
Step – 6 : Move ahead in Life
Well, since now all pending compliance of the companies Act is over, relax and take appropriate steps to do the complete due diligence of your business. You may do the following