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Every company incorporated under Companies Act-2013 or its predecessor Act are required to comply with the requirements of the act. Filling of Annual Finance Statement and Annual return is mandatory for all companies registered under companies act. No filling of compliance is an offense under the said Act.
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Section 164 of the companies act 2013 states disqualification of Director for non-filling of an annual return or financial statement for a continuous period of three years.
As per Rule 14 of the Companies (Appointment and disqualification of Director) Rules 2014, every director who is disqualified shall inform the concerned company in Form DIR-8.
Whereas, the Ministry of Corporate Affairs had launched a company settlement scheme giving opportunities for companies to clear their default. Over 3 lakhs disqualified director was associated with the companies which have failed to fill the financial statement and annual returns.
Various directors affected have also filed writ petitions before the High Court for seeking relief.
Finally, MCA has come up with the solution i.e. Under this scheme, the defaulting companies are given a chance to file the pending returns. This scheme shall come into force with effect from 01.01.2018 and shall remain in force up to 31.03.2018.
This scheme is applicable to all defaulting companies expect which are been strike off by the Ministry of Corporate Affairs.
Recommended Post: Director Disqualification and Condonation of Delay Scheme.
The companies whose name has been struck off from the register of companies and if they have filed for revival under section 252 of companies Act 2013 up to the date of this scheme. The Directors DINs will be re-activated only by NCLT’s order.
Any pending prosecution in court shall be withdrawn by the Registrar during filing of documents under the scheme.
The Ministry of corporate affairs shall take necessary actions against such companies who have not availed themselves and continue to be in default.
Also, Read: MCA Encodes Form 2018.
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