The Ministry of Corporate Affairs has launched a scheme known as “Companies Fresh Start Scheme, 2020” condoning the delaying filing the documents with Registrar, it relates to the waiver of additional fees & granting of immunity from launching of prosecution or proceedings for imposing penalty on account of delay associated with certain filings.
Why CFSS (Companies Fresh Start Scheme)??
CFSS is introduced with the motive of reducing compliance burden. The aim is to provide defaulting companies a chance to make their compliances good.
Whom is CFSS – 2020 applicable
- Any Company which has failed to file any mandatory form with ROC may avail this scheme
- The Said Scheme is Applicable to any Defaulting company, Defaulting companies are permitted to file the belated documents, which are due for filing on any given date in accordance with the provision of this Scheme.
“Defaulting Company” means a company defined under the Companies Act, 2013, and which has made an default in the filing of any of the documents, statements, returns, etc including annual statutory documents on MCA-21 Registry.
What is the procedure to avail the scheme
Following are the tasks which are required to be done
- We have to do is file all our pending documents and forms before 30thof September, 2020.
- Also, there is an E-form CFSS – 2020, in which we need to file within the six months of the closure of the said scheme.
What is E-Form CFSS -2020? When and why to file it?
E-Form CFSS-2020: (Application of issue of immunity certificate)
- E Form to be filed after filling all belated documents mentioning SRN of the e-forms
- Required to be Filed with MCA within 6 Months after the End of the Scheme
- There is no filing Fee for E Form CFSS-2020
- Certificate of immunity will be issued by ROC
- After certificate of immunity, no prosecution or proceedings can be initiated
- Company will withdraw all appeals against any prosecution and ROC will withdraw all the proceedings
What forms which can be filed under the Companies Fresh Start Scheme, 2020?
The forms which are subject to additional fee under section 403 of Companies Act, 2013 are eligible for filing under CFSS, 2020 and are classified under
- Annual Based
- Annual Return- MGT-7
- Financial statement- AOC-4
- Event Based
- Other forms required to be file with Roc Like
- Any other form
- SH-7- Increase in Authorized
- Charge related form (CHG-1, CHG-4, CHG-8 or CHG-9) Capital