Studycafe | Apr 16, 2020 |
FAQs on Companies Fresh Start Scheme (CFSS), 2020 and LLP Modified Settlement Scheme, 2020
Major update about MGT14 as interpreted by CS Lalit Rajput
MCA CFSS Scheme
Please note that Form MGT-14 can be filed under the scheme if it’s filing due date is not exceeded 300 days. If it’s filing due date is beyond 300 days then first Company has to apply for condonation of delay.
1. Is the CFSS 2020 applicable on foreign company? Will the forms FC-1, FC-2 and FC-3 be covered under the scheme?
Ans: Yes.
2. How to file the belated returns for companies under liquidation?
Ans: Only Refund form, GNL-2 (149, 152, 153, 154, 156, 157, 158, 159 and others), INC-28 (Amalgamation/ Merger/ Demerger/ 445, 466, 481, Others), MGT-14 (Others) and GNL-4 are allowed to be filed if the company status is under liquidation.
Ans: Yes. He can file DIR-3 KYC eform/Web form and INC-22A (Active) as applicable without any payment of fee provided such director is not disqualified under section 164 of the CA 2013.
Ans: Yes.
Ans: Yes, you can file without filing for the previous year. There is no restriction, however it is expected that
complete and continuous year filing (without skipping intermediate year) will be good corporate governance.
Ans: There is no separate AR/BS for companies under Liquidation.
Ans: The struck off companies have to approach the NCLT for reviving their companies first and a copy order of NCLT approving for such revival under section 252 of the CA 2013 to be filed in Form NO.INC-28. Later on they can take the benefit of this scheme.
Ans: No indemnity bond is required under the LLP Settlement Scheme.
Ans: Yes. CFSS is applicable for foreign companies.
Ans: For filing MGT-14 beyond 300 days, condonation is required. However, AoC-4 for the past year(s) can be filed without any condonation.
Ans: Deactivated DINs for not filing the DIR-3 KYC can be activated by filing it now without the fee of INR 5000 during the currency of the CFSS, 2020 provided such director is not disqualified under section 164 of the CA 2013
(i) How to remove disqualification of director u/s 164(2)(a)?
Ans: The removal of disqualification is not automatic and the same cannot be cured under the provisions of CA, 2013.
(ii) INC 28 is not filed till date (as it is required to be filed within 30 Days).
Ans: INC-28 can be filed by an authorised signatory who can be added from backend by the jurisdictional RoC based on evidence produced by the company.
(iii) How to do Annual filing of Past year?
Ans: Past year filings can be made as per applicable norms.
Ans: Yes, without additional fee,
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