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Companies Fresh Start Scheme 2020

The Government of India is doing its bit to provide relief for all the law-abiding companies and LLPs to reduce the cost of compliance incurred on the companies due to the COVID 19 outbreak. 
This scheme has modified the Companies Act 2013 and also LLP Settlement Scheme for a period of 6 months starting from the 1st of April 2020 to the 30th of September 2020.

As per Scheme, Companies have to pay ONLY NORMAL FEES of the forms WITHOUT ANY ADDITIONAL FEES.

How can Aavana Help?

We are pioneers in what we do and with the help of a zealous team, we’re able to provide customised support. Our well-experienced professionals are well updated with every amendment and news. We are a one-stop solution for your business needs. We are an expert team in all the business needs for different Industries right from company registrations to any compliance-related concerns, we are well informed.

When you choose to work with us, you won’t have to worry about different factors that are time-consuming. We take an extra step to make sure that all your documents are received on time without hampering your schedule. 

Our staff will come to your location and collect all the necessary documents. We are available all through the week for any queries or clarifications. You can rest easy as we will ensure to take care of all your requirements and keep you intimate with the status of all your official applications on an immediate basis.

Key Provisions of the Scheme

  • The scheme allows the defaulting companies to file the belated documents; the Central Government has introduced a scheme namely ‘COMPANIES FRESH START SCHEME- 2020 (CFSS-2020)’ condoning the delay in filing the documents with Registrar of Companies.
  • The scheme will be effective from 1st April 2020 to 30th September 2020.
  • The Scheme is applicable to any “defaulting Company” and is permitted to file belated documents, which were due for filing on any given date under the provisions of this Scheme.

The scheme is applicable for filing the following forms

  1. Form AOC-4 – Filing of financial statements, This form is used to file financial statements for every financial year with the ROC
  2. Form MGT 7- Filing of annual returns, This is an electronic form that is provided by the Ministry of Corporate Affairs to file annual return details. This is an e-form maintained by the Registrar of Companies via electronic mode.
  3. Form ADT 1 – Filing of appointment of the auditor, This is used by the company to intimate to the Registrar of Companies about the appointment of the auditor on completing its annual general meeting.
  4. Form ADT 3 – Resignation of the auditor, This project is filed for the resignation of auditor by the company. This form needs to be filed within 30 days of resignation.
  5. Form INC 22- Shifting of registered office, The Company has to file the e-form INC22 within 30 days of incorporation. The address of the company needs to be specified while filling the form.
  6. Form MGT 14 – Filing of resolutions, Thisform was introduced with the objective of filing certain resolutions with the Registrar of Companies after the resolution has been passed in the board meeting.
  7. Form PAS 3 – Filing of return of allotment, A company is required to file a return of allotment in the eform Form PAS 3 whenever a company makes an allotment of share or securities. 
  8. Form DIR 3 KYC- Filing of KYC of directors, This form was introduced for the filing of KYC details of a director. (Penalty of Rs 5000 waived off)
  9. Form INC 22A – Filing of active compliance, This form was introduced to validate the addresses of all registered companies. (Penalty of Rs 10000 waived off)

The scheme is not applicable to the following

  1. Companies against which action of final notice is received from the Ministry for striking off the name of the company.
  2. Filed STK 2 for strike off by the company.
  3. Filed for obtaining the status of the company as Dormant u/s 455 of the Companies Act 2013.
  4. Companies under the process of amalgamation
  5. Vanishing companies
  6. For filing of Form SH-7 – Increase in authorized capital
  7. For filing of Form CHG 1, CHG 4, CHG8, CHG 9 – Creation/ modification/ satisfaction of charge (all charge related forms)

Advantages

  • A company gets monetary benefits
  • A company gets an immunity benefits
  • Withdrawal of pending prosecutions
  • Withdrawal of adjudication of penalties

Click here to read more about the scheme

How are we different

This is a One Time Opportunity provided by the MCA for all the companies to reduce the related financial burden, especially for those with long-standing defaults. 

If you still need a better understanding of the terms and conditions of the scheme, you can always give us a call and our experts will give you a detailed explanation of the same. With the right amount of expertise and knowledge about the amendments and updates, you will surely make the right business choices with Aavana by your side. 

You come to us with a problem and we promise to give you the right solution. Your satisfaction is what matters the most to us and we’ll make sure that all your needs are met in short turnaround time. Your concerns will never be left unattended when you choose us.

Contact Details 

Do you have further doubts about the new scheme that has been implemented by the MCA 21? Feel free to give us a call. Our approachable staff is always ready to answer all your queries. Get in touch with us today!
For more details, call us at +91-9900328729, +91-80-40909797.

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