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Jul 27, 2020 0 comment

Applicability

FOR ALL TYPE OF COMPANIES registered under Companies Act, 2013and Companies Act, 1956 (where ever applicable).

But conditions in which company can not avail benefit of the Scheme are as follows:-

1. In case final notice for striking of the co. is already initiated.
2. Where any application has already been filed by the Companies for action of striking off the name of the Company from the registrar of Companies.
3. Already Amalgamated Companies
4. The Company is filed an application for the Dormant Status
5. Vanishing Companies
6. Where any increase in Authorized capital is involved (Form SH-7)

*Strike off Companies may apply for revival in NCLT and after passing revival order by NCLT may take benefit of such scheme.

Type of Forms covered under this Scheme

All type of forms covered under this scheme as follows:-

All type of forms covered under this scheme as follows:-

General circular No. 12/2020 dated 30th March, 2020 (CFSS-2020)	Applicable from 01/04/2020 till 30/09/2020	All Forms covered except Form Sh-7, CHG-1, CHG-4, CHG-8 and CHG-9
General circular No. 23/2020 dated 17th June, 2020 (relaxation for  Charge Forms)	Applicable from 17/06/2020 till 30/09/2020	1. All forms covered except Form Sh-7, CHG-4 and CHG-8 2. Thus CHG-1 & CHG-9 also covered under such scheme.
General circular No. 30/2020 dated 28th September, 2020 (Extension of CFSS, 2020)	Extend scheme till 31/12/2020	Unchanged
General circular No. 32/2020 dated 28th September, 2020(Extension for charge from)	Extend scheme till 31/12/2020	Unchanged

 

Benefits of Scheme

1. Filing of Each belated Documents with the Registrar, in so far as it relates to charging of additional fees and
2. Granting of immunity from the launch of prosecution/proceedings for imposing penalty only to the extent that such prosecution/proceedings for imposing penalty under the Act pertain to any delay associated with the Filing of belated document.

BUT

Any other consequential proceedings, including any proceedings involving interest of any Shareholder or any other person qua the Company or its Directors or KMP would not be covered by such immunity. i.e. Not Conducting the event on time.

Process to take immunity after filing of E-form under CFSS Scheme

How to take Immunity after filing of E-Forms under CFSS Scheme till closure of the Scheme:-

Time to take immunity	From closure of the Scheme where:- Documents are taken on File Documents are approved by the designated authority (wherever approval is required) Till: Within 6 Months From the closure of the Scheme *After 6 Months not allowed to apply for Immunity.
E- Form for Immunity	Form CFSS 2020
Fee applicable on Such Form	NIL

Where the penalties are imposed under the Act by court / any adjudicating authority 

 

•  In the cases, wherein the penalties are imposed under the Act and the company has not further appealed to higher authorities and such period of appeal lies between 1st March 2020 to 31st May 2020, a period of additional 120 days be allowed for filing of appeal from last date as may be specified under the order. Further, such companies can also avail to withdraw the appeal, if any filed and avail benefits of the scheme.
• In the cases, wherein the penalties are imposed under the Act and the company has already filed appeal to higher authorities. Such company shall before filing an application for immunity, withdraw the appeal and furnish proof of such withdrawal along with the application.

Option available for Inactive company to take benefit of this scheme:-

The   inactive or defaulting firms can also apply for CFSS 2020 and then they can

• Apply for Dormant Status U/s 455 of the Companies Act, 2013 by filing MSC-1 at a normal fee or
• Apply for striking off the name of the Company by Filing E-form STK-2 along with the prescribed charges.

Explanation:-

“Inactive company” means a company:-

 

 which has not been carrying on any business or operation, or

 has not made any significant accounting transaction during the last two financial years, or

has not filed financial statements and annual returns during the last two financial years.