TMI BlogCondonation of Delay Scheme, 2018X X X X Extracts X X X X X X X X Extracts X X X X ..... er the said Act. Whereas, section 164(2) of the Act read with section 167 of the Companies Act, 2013 [the Act], which provisions were commenced with effect from 01.04.2014, provide for disqualification of a director on account of default by a company in filing an annual return or a financial statement for a continuous period of three years. Whereas, Rule 14 of the Companies (Appointment and Qualification of Directors) Rules, 2014 further prescribes that every director shall inform to the company concerned about his disqualification, if any, under section 164(2), in form DIR-8. Whereas, consequent upon notification of provisions of section 164(2) , Ministry of Corporate Affairs (MCA) had launched a Company Law Set ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ons - In this scheme, unless the context otherwise requires, - i. Act means the Companies Act, 2013 and Companies Act, 1956 (where ever applicable); ii. overdue documents' means the financial statements or the annual returns or other associated documents, as applicable, in the case of a defaulting company and refer to documents mentioned in paragraph 5 of the scheme. iii. Company means a company as defined in clause of 20 of section 2 of the Companies Act, 2013 ; iv. Defaulting company means a company which has not filed its financial statements or annual returns as required under the Companies Act, 1956 or Companies Act, 2013 , as the case may be, and the Rules made thereunder for a continuous ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The DINs of the Directors associated with the defaulting companies that have not filed their overdue documents and the eform CODS, and these are not taken on record in the MCA21 registry and are still found to be disqualified on the conclusion of the scheme in terms of section 164(2) (a) r/ w 167(1)(a) of the Act shall be liable to be deactivated on expiry of the scheme period. v. In the event of defaulting companies whose names have been removed from the register of companies under section 248 of the Act and which have filed applications for revival under section 252 of the Act up to the date of this scheme, the Director's DIN shall be re-activated only NCLT order of revival subject to the company having filing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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