MINISTRY OF COMPANY AFFAIRS ANNOUNCES EXIT SCHEME FOR DEFUNCT COMPANIES AND AMNESTY SCHEME FOR DELAY IN FILING OF STATUTORY FORMS
The Ministry of Company Affairs has come out with two unique schemes, viz.
In terms of Circular No. 1/2010, an amnesty scheme has been introduced, to operate between May 31, 2010 and August 31, 2010. In terms of this scheme, companies which have not filed the statutory forms and returns with the Registrar of Companies are now allowed to opt to pay 25% of the additional fee that would have been payable and get an immunity from any prosecution proceedings that can be legally launched by the Government of India for the delays in the filing of these documents.
This is a highly welcome Circular, which companies at all levels should take advantage of, and ensure compliance with the Companies Act provisions related to filing of forms, documents, etc.
In terms of Circular No. 2/2010, the Government has come out with a simplified exit scheme for defunct /inoperative companies. This scheme will be in vogue from May 31, 2010 and August 31, 2010.
Many Companies would have promoted companies which could be defunct now. These companies can avail of the highly beneficial exit scheme announced now.
