Extension of Effective Period of Condonation of Delay Scheme 2018 Scheme

Apr 02, 2018 | by Avantis RegTech Legal Research Team

The Ministry of Corporate Affairs (MCA) in September 2017, had identified 3,09,614 directors associated with the companies that had failed to file financial statements or annual returns in the MCA21 online registry for a continuous period of three financial years 2013-14 to 2015-16 in terms of provisions of Section 164(2) r/ w 167(1)(a) of the Companies Act, 2013 and they were barred from accessing the online registry and a list of such directors was published on the website of MCA. As a result of above action, there have been a spate of representation from industry, defaulting companies and their directors seeking an opportunity for the defaulting companies to become compliant and normalize operations.

With a view to giving an opportunity for the non-compliant defaulting companies to rectify the default, the Central Government had decided to introduce a Scheme namely "Condonation of Delay Scheme 2018" which was to remain in force till March 31, 2018.

Now, the MCA has extended the effective period of the Scheme till April 30, 2018

[General Circular 02/2018]

URL: http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo02of2018_29032018.pdf

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