The Central Board of Indirect Taxes and Customs (CBIC) released Circular No. 159/15/2021-GST on...
The ministry of corporate affairs has come up with the scheme for Condonation of delay and it is operative from 1st January 2018 to 31st March 2018. The Directors who were disqualified due to the non-filing of Financial Statements and Annual returns for continuous three years can file MCA Form encodes from 2018 to regularize compliance and to avoid permanent disqualification of 5 years.
The Directors who were disqualified due to the non-filing of Financial Statement and Annual Returns can now file Form encodes. The DINs of the disqualified Directors are re-activated from 1st January 2018 to 31st March 2018 to do fillings of overdue documents. The directors you were not in a capacity to file Forms with Ministry of corporate affairs can use this scheme of Condonation and get a chance to regularize the compliance.
Once the company has complied with all the pending overdue financial documents before 31st March 2018 but has failed to file encodes form, then still the DINs of disqualified directors will be deactivated after 31st March 2018.
Therefore, it is necessary for all disqualified directors availing for the facility of Condonation of delay scheme to file form encodes along with the requisite fees and penalty to regularize compliance.
The directors who were disqualified for noncompliance of annual returns and has not availed the facility for Condonation of delay scheme will be disqualified for a period of 5 years. The Directors who are disqualified cannot incorporate a new company and have to face other consequences for defaulting as provided under Companies Act, 2013.
Also, Read: MCA extension for filing DIR-3 KYC.