The Ministry of Corporate Affairs vide its Circular No 34/2014 dtd 12th August 2014 has introduced a new scheme for Companies for filing their backlog Annual Returns.
WHOM THIS SCHEME APPLIES?
This scheme is applicable for defaulting companies which have made a default in filing of annual Statutory Documents.
WHOM THIS SCHEME DOES NOT APPLY?
This scheme shall not apply :-
1) to companies against which action for striking off the name under sub-section (5) of section 560 of the Companies Act, 1956 has already been initiated by the Registrar of Companies or
2) where any application has already been filed by the companies for action of striking off name from the Register of Companies or
3) where application has been filed for obtaining Dormant Status under section 455 of the Companies Act, 2013, or
4) to vanishing Companies.
WHAT ARE THE DOCUMENTS THAT CAN BE FILED?
The defaulting companies can file the documents which were due for filing till 30th June 2014.
Only the following forms can be filed under this scheme:-
1) Form 20B – Form for filing annual return by a company having share Capital
2) Form 21A – Particulars of Annual Return for the Company not having share capital.
3) Form 23AC, 23ACA , 23AC-XBRL and 23ACA-XBRL – Forms for filing Balance Sheet and Profit & Loss Account.
4) Form 66 – Form for submission of Compliance certificate with the Registrar.
5) Form 23B – Form for intimation for Appointment of Auditors.
WHAT ARE THE BENEFITS OF THIS SCHEME?
The Companies which are opting for this scheme will be :-
1) Granted immunity from prosecution for non filing of annual returns
2) Reduced additional fees of 25% of the actual additional fees payable for filing the documents under this scheme.
3) In addition, inactive companies, who are filing documents under this scheme can get their companies declared as “dormant company” by filing a simple application at reduced fees.
EFFECTIVE DATE OF THIS SCHEME
This scheme shall be in force from 15th August 2014 to 15th October 2014.
The Application for seeking immunity in respect of belated documents filed under the scheme shall be made electronically in the e-form CLSS 2014. This e form shall be made available in the MCA21 portal from 1st September 2014 onwards. This form can be filed not later than 3 months from the date of closure of this scheme (ie.,) 15th October 2014. There will not be any fees payable on this form (CLSS 2014).
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The relevant Circular issued by MCA in this regard is reproduced below