TMI BlogCompany Law Settlement Scheme, 2014X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Companies Act, 1956 may be referred to in this regard. These annual documents are considered very important in context of an up-to-date Registry, it is observed that a large percentage of companies have not filed their statutory documents making them liable for penalties and prosecution for such non-compliance. 2. The Companies Act, 2013 lays down a stricter regime for the defaulting companies with higher additional fees. The quantum of punishment has been enhanced under the above mentioned provisions of the Act vis-a-vis the earlier Act i.e. Companies Act, 1956 . A specific provision for enhanced fine in case of repeated default also been included in the form of section 451 of the Act . Additionally, the provisions se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act ( Chapter XXIX ) by filing a simple application at reduced fees. The said provision enables Inactive companies to remain on the Register of Companies with minimal compliance requirements. 6. The details of the Scheme are as under:- (i) The scheme shall come into force on the 15th August 2014 and shall remain in force up to 15th October, 2014. (ii) Definitions - In this Scheme, unless the context otherwise requires, (a) Act means the Companies Act, 2013 and Companies Act, 1956 (where ever applicable); (b) Company means a company as defined in clause of 20 of section 2 of the Companies Act, 2013 ; (c) defaulting company means a company defined under the Companies Act, 2013 , and which has made a defa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pplication for Issue of Immunity in respect of document(s) filed under the Scheme - The application for seeking immunity in respect of belated documents filed under the Scheme may be made electronically in the e-Form CLSS-2014 annexed, after the document(s) are taken on file, or on record at approved by the Registrar of Companies as the case may be. The e-Form for filing application to obtain such a certificate will be available on the MCA21 portal from 1 st September, 2014 and may be filed thereafter but not later than three months from the date of closure of the Scheme. There shall not be any fee payable on this Form. Provided that this immunity shall not be applicable in the matter of any appeal pending before the court of law and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Registrar concerned shall withdraw the prosecution(s) pending if any before the concerned Court(s); (xi) Scheme for Inactive Companies: The defaulting inactive companies, while filing due documents under CLSS-2014 can, simultaneously, either: a. apply to get themselves declared as Dormant Company under section 455 of the Companies Act, 2013 by filing e-form MSC-1 at 25% of the fee for the said form; OR b. apply for striking off the name of the company by filing e- Form FTE at 25% of the fee payable on form FTE. (xii) Applicability of clause (a) sub-section (2) of Companies Act, 2013 In case of companies availing the Scheme:- In case of defaulting companies which avail of this Scheme and file all belated documents, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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