India Company Law: New scheme pardons submission delays

India Company Law: New scheme pardons submission delays
(Sunnyvale, CA) - The Indian Ministry of Corporate Affairs has introduced a scheme which allows defaulting
companies a chance to rectify non-compliances related to timely submission of documents (specifically balance
sheets and annual returns) with the Registrar of Companies (ROC).
The scheme titled Company Law Settlement Scheme 2011, condones delay in filing of documents with the ROC
and grants immunity from prosecution.
The scheme entails charging an additional fee of 25% of actual additional fee payable for filing such belated
documents under the Companies Act 1956.
The Company Law Settlement Scheme 2011 is applicable only for filing the following forms/returns:
*Annual Return
*Particulars of an Annual Return for a company not having share capital
*Annual Report
*Compliance Certificate
The scheme is effective from August, 12, 2011 until October 31, 2011.
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