Company Law Settlement Scheme,2014
MCA has issued Circulars dated 15/10/2014 for the representations received from the stakeholders seeking clarifications on some issues of Company Law Settlement Scheme
1. General Circular No. 40/2014 clarified the extension of the Company Law Settlement Scheme upto 15th November,2014.
2. General Circular No. 41/2014 clarified that disqualification under clause (a) of sub-section (2) of section 164 of the Companies Act, 2013 shall not apply on the companies who have filed their balance sheets and annual returns on or after 01/04/2014 but prior to launch of CLSS-2014. The same shall be applicable only for the prospective defaults made by such companies.