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ARTICLE · 03 AUGUST 2020

Companies Fresh Start Scheme, 2020

In order to help companies in India who have filing related defaults make a fresh start and rectify defaults under Companies Act, 2013 ("Act")...

IndiaCorporate/Commercial Law

Introduction

In order to help companies in India who have filing related defaults make a fresh start and rectify defaults under Companies Act, 2013 ("Act"), the Ministry of Corporate Affairs ("MCA"), through its circular dated 30 March 2020 (General Circular No. 12/2020), launched the Companies Fresh Start Scheme, 2020 ("Scheme"). Filings under the Scheme can be made from 1 April 2020 until 30 September 2020. It aims to alleviate the compliance and cost burden on companies during the current unprecedented public health situation in India caused by Covid-19. Whilst this Scheme has been launched in the context of COVID-19, this gives defaulting companies a unique opportunity to make a "fresh start" and file all belated documents without any additional fees.

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