Tuesday, May 24

Tag: MCA’s Notification

The List of Forms eligible for additional fees waiver under “CFSS 2020 and LLP settlement Scheme 2020”
MCA

The List of Forms eligible for additional fees waiver under “CFSS 2020 and LLP settlement Scheme 2020”

In pursuance of the Government of India’s efforts to provide relief to law abiding companies and Limited Liability Partnerships (LLPs), the Ministry of Corporate Affairs, has recently introduced the “Companies Fresh Start Scheme, 2020” and revised the “LLP Settlement Scheme, 2020” which incentivize compliance and reduce compliance burden during the unprecedented public health situation caused by COVID-19. The main purpose from both the schemes is a one-time waiver of additional filing fees for delayed filings by the companies or LLPs. In addition to these schemes & for the interest of the welfare of the companies & LLPs, the MCA has also issued a list of forms that are eligible for an additional fee waiver under the Companies Fresh Start Scheme 2020 & the LLP Settlement Sch...
MCA notifies Companies (Winding Up) Rules, 2020
MCA, News

MCA notifies Companies (Winding Up) Rules, 2020

In a bid to ease the process of business liquidation, the Ministry of Corporate Affairs (MCA) announced its latest set of rules in a notification dated 24th January 2020. These rules shall come into force on 1st April 2020.  The new procedures are reported to allow the small firms in winding up their businesses without taking approval. As per reports, the new MCA guidelines cover the liquidation policy of companies with the following criteria: Paid up capital not exceeding INR 1 Crore; Non acceptance of deposits over INR 25 Lakh; Turnover upto INR 50 Crore; Loan under INR 25 Lakh. According to the new procedures, instead of the tribunal, the central government will provide the approvals to the companies falling under the above criteria for liquidation of their businesses. ...
Academia, Corporate, Regulatory

Consequences of Not Complying with DIR-3 KYC Mandate

Ministry of Corporate Affairs had mandated Directors of all companies (Private Limited, Public Limited, OPC), and designated Partners in Limited Liability Partnerships (LLP), including both active and disqualified directors, to submit their KYC details by furnishing the DIR 3 KYC e-Form. This initiative taken by the Ministry of Corporate Affairs will have a great impact and help to curb fake and shell companies. These are the companies suspected to have conduits for illicit money laundering. MCA had told that there are about 50 Lakh DINs issued till date and out of which there are around 33 Lakh Active Directors in India who are mandated to comply with this KYC mandate. If any director fails to submit their DIR 3 KYC form on or before the due date the DIN number of such director will be ...