General Circular No. 34/2014: Company Law Settlement Scheme, 2014
The ministry has received representations from various stakeholders requesting for grant of transitional period/one-time opportunity to enable them to file their pending annual documents to avoid attraction of higher fees/fine and other penal action especially disqualification of their Directors prescribed under the new provisions of the Act.
MCA vide General Circular no. 34/2014 involves the following features:
1. Companies who have not filed their annual reports, financial statements and related documents due for filing on or before 30/06/2014 can file these documents before 15/10/2014 and avail of the following :
(a) Pay only 25% of payable additional fee, and
(b) Enjoy immunity from prosecution.
(c) Directors will also not be disqualified under section 164(2) of the companies act, 2013.
??2. The scheme shall come into force on the 15th August 2014 and shall remain in force up to 15th October, 2014.
3. Definitions- ln 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 default in filing of annual statutory documents.
(d) "designated authority" means the Registrar of Companies having jurisdiction over the registered office of the company.
(e) "immunity certificate" means the certificate referred to in sub-paragraph (vi) of the Scheme;
(f) “inactive company” means as defined in Explanation (i) to sub-section (1) of Section 455 of Companies Act, 2013.
4. If the defaulting company has filed any appeal against any notice issued or complaint filed before the competent court for violation of the provisions under the Companies Act, 1956 or 2013 in respect of which an application is made under this scheme, the applicant shall withdraw the appeal and furnish proof of such withdrawal along with the application.
5. The application for seeking immunity in respect of belated documents filed under the Scheme may be made in the e-Form CLSS-2014, after the document(s) are taken on file or on record or 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 1st September 2014 and may be filed thereafter but not later than 3 months from the date of closure of the scheme. There shall not be any fee payable on this Form.