Extension of Company Fresh Start Scheme, 2020

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In the view of COVID-19 pandemic, the Ministry of corporate affairs has announced the notification for the extension of Company Fresh Start Scheme 2020.

Let’s summaries the Notifications issued:-

Company Fresh Start Scheme

Companies Fresh Start Scheme, 2020is validated from 1 April 2020 to 30 September 2020. And offers companies the opening of a one-time application of condonation of delay of filling the different documents, forms, returns, etc. The most significant benefit for companies will be availing this scheme and get the recovery of the strike-off company.

Notification Issued for Extension of Company Fresh Start Scheme due date

The Ministry of Corporate Affairs had introduced a new scheme known as the Companies Fresh Start Scheme, 2020. Which was previously valid from 01.04.2020 to 30.09.2020.

Recently MCA has announced the extension of annual compliances due dates for companies till 31.12.2020 and announcement for LLP compliances due to date extension.

Now, the MCA has announced the notification for the extension of Company Fresh Start Scheme 2020 has further extended to 31.12.2020 to enable companies to make good their previous defaults.

Benefits of Company Fresh Start Scheme

There are various benefits for company fresh start scheme. Some of them are –

  • It provides an opportunity for businesses to make good any filling related default by paying normal fees only, irrespective of the duration of default.
  • It includes a provision for giving immunity from the launch of prosecution and proceeding, including against the imposition of penalties for a late submission.
  • Allowed a period of 120 further days from such last date, for filling appeal before Concerned Regional Directors u/s 454(6) against the imposition of penalties.

MCA extends LLP Compliances Due Dates again 

Also, require any other guidance with respect to Private Limited Annual Compliance please feel free to contact our business advisors at 8881-069-069.

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