Relief to Defaulting Companies and not to Strike off ... 2018... · not sending accounts and...
Transcript of Relief to Defaulting Companies and not to Strike off ... 2018... · not sending accounts and...
Relief to Defaulting Companies and
not to Strike off companies or its Directors Yet !!!!
AMITA DESAI & CO1
Views expressed are of my own and this presentation is based
on my understanding of the General Circular no. 16/2017
Several issues relating to CODS Scheme requires clarity
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1.The law has changed and the flexibility in filing tax returns hasbeen reduced.
2. Now, one has to file ITR for FY 2015-16 & 2016-17 by 31March, 2018 otherwise one may face scrutiny and penalty.After 31 March , 2018 you cannot file ITR for earlier FY andyou may loose out some benefit .
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Section Particular
A Responsibility of the Co and its Director in India
B Provisions in other Countries
C Powers of SEBID MCA ActionE Provisions of the ActF Report of the CLCG MCA ----CODS 2018 H Options for Struck Off CompaniesI. Clarification required
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1. One of the responsibility of Directors is to ensure the
Compliance of all applicable laws by the Company as they
are at the helm of the affairs of the Company.
2. Director shall exercise his duties with due and reasonable
care, if fails to do so it may lead to “Disqualification”
3. Director shall intimate his Disqualification, if any, by
submitting Form DIR 8 Pursuant to Section 164(2) and rule
14(1)
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Responsibility of Company and its Director in India
Section 137 & 92 of CA 2013
Companies Registered in India require to file annually
atleast (i) Annual Financial Statements (FS) and
Annual Return (AR) with ROC, otherwise the
Company and Officer in Default shall be punishable
with fine and imprisonment.
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Upon Strike Off : Section 248 (6)
ROC takes undertaking of Director in respect of realization of all
amount due to the Company and for the payment or discharge
of its liabilities and obligations by the Company.
Upon Dissolution : Section 248 (7)
Even after dissolution of the Company, Directors and
Shareholders of the Company continues and may be enforced as
if the Company had NOT been dissolved
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Section 248(8)
NCLT has power to order for winding up of
the Company whose name has been struck
off from the register of RoC .
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Section 250 provides for effect of strike off
Certificate of Incorporation of the Company shall bedeemed to be cancelled
However the power and obligation of the Company shallcontinue for realizing and payment of liabilities and dues.
STRIKE OFF ≠ DISSOLUTION OF LIABILITY
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In UK , Directors can be ‘disqualified’ if they don’t meet legal
responsibilities.
Anyone can report a company director’s conduct as being ‘unfit’.
‘Unfit conduct’ includes:
• allowing a company to continue trading when it can’t pay its debts;
• not keeping proper company accounting records;
• not sending accounts and returns to Companies House;
• not paying tax owed by the company;
• using company money or assets for personal benefit
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United Kingdom (UK)
Consequences of disqualification ?
Director may be disqualified for upto 15 years.
If disqualified Director cannot:
be a director of any company registered in the UK or an
overseas Company that has connections with the UK.
be involved in forming, marketing or running a Company.
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United Kingdom (UK)
Director could be fined or sent to prison for up to 2 years if
he breaks the terms of the disqualification
Director can be prosecuted and become personally liable for
the company’s debts if he carries out company’s business on
the instructions of someone who’s disqualified.
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Disqualification under Section 155 of the Singapore
Companies Act
A Director will be disqualified if he is convicted of at
least 3 offences related to required filings with, delivery of
documents or giving of notice to, the ROC within a period
of 5 years.
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Even though the Director will be disqualified
for 5 years from the date of his last conviction
in Court, he can apply to the High Court for
permission to act as a director during his
disqualification period.
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Section 11 of the SEBI Act, 1992, empowers the SEBI to
restrain persons who according to the SEBI has been
indulging in insider trading or fraudulent and unfair
trade practices relating to securities market, from
accessing the securities market and to buy, sell or deal in
securities for any period as SEBI deem fit.
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On 14 August 2017, SEBI has given directive to stock exchanges
to initiate action against 331 suspect shell companies and ban
them from trading.
BSE and NSE moved 162 and 48 companies, respectively,
into Stage-VI of the Graded -VI of the Graded Surveillance
Measure (GSM), implying these stocks would not be
available for active trading.
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Article No. 14 and 19 of the Constitution of India, gives to its citizens :
Right of Equality and
Right to Practice any profession or to carry on any occupation,
trade or business, to its citizen.
However Article 19 (6) states that nothing in sub-clause 19 (1) (g) shall affect the
operation of any existing law.
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Section 248 (1) and (5) of CA 2013 , gives power to ROC
on having reasonable cause to believe, to Strike off the
name of a Company from the register of Companies.
As per Rule 3 of Companies (Removal of Names of
Companies from the Register of Companies) Rules, 2016
ROC cannot Strike of certain categories of Companies.
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1. Listed Companies;
2. Delisted Companies;
3. Vanishing Companies;
4. Companies where inspection or investigations are pending in
the Court;
5. Companies where Notice u/s Section 206 to 208 is pending
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6. Companies against which prosecution for an offence is pending;
7. Companies whose application for compounding is pending
8. Companies which have accepted public deposits which are either
outstanding or the Company is in default in repayment of the same
9. Companies whose charges are pending for satisfaction and
10.Companies registered under Section 25/ 8 of the Companies Act,
1956 /2013
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1. CLSS 2014: On 15 August 2014 , CLSS 2014 notified : MCA had
provided one time opportunity for condoning the delay
in filing Annual Documents in CLSS 2014 (and
amendment) during 15 August 2014 to 15 November
2014.
2. Section 248 (1) :
Notice of intention
In March, 2017, Notice by ROC to all companies
informing his Intention to Strike Off the name of the
Company
3. Section 248 (5) :
Notice of Strike Off
In June, 2017, Notice by ROC cancelling / strike off
name of approx 210,000 defaulting Companies.
4. Section 164:
Disqualification of
Directors:
In September, 2017, MCA took bold step & identified
309,614 Directors associated with Defaulting Companies
and barred them from accessing the online registry and
DINs were deactivated.
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Reason for MCA to Strike Off
To clean up the database and system of Registrar
To support Government’s initiative of Ease of doing business
To identify and strike off of Shell Companies
To make demonetization more effective
To control the Money Laundering and black money
To prevent misuse of corporate structure by shell companies
for various illegal purposes.
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Reaction on Action of MCA of Disqualifiying
approx 3 Lac Directors
Industry, Corporate Houses and Business man had never
expected such action from MCA which is harsh to debar them.
Representation were received from all seeking an opportunity
for compliances.
Many had filed Writ Petitions before the High courts of various
States , challenging the action of MCA as unconstitutional.
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Article 226 of Constitution of India gives right to any citizen
to file Petition for infringement of Fundamental Rights
conferred under Article 14 and Article 19 (1) (g).
Writ of CERTIORAR--- Higher court to compel the inferior
court to pass the record of the proceedings
Writ of MANDAMUS – Act of infringement of rights by any
Government Authority ( RoC)
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1. Retrospective Application of Section 164
2. Disqualification made effective from an earlier date
3.No opportunity of being heard granted to the
disqualified director
4. Rights of third party Companies affected for no
default of theirs and without hearing
5. No other remedy available to the disqualified
Directors.
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Hon’ble Madras High Court has granted interim stay and Order RoC to
stay disqualification of Directors who had filed Writ Petition.
(BhagvanDas DhananjayaDas Vs UoI)
Hon’ble Delhi High Court has also granted interim stay and Order RoC to
stay disqualification of Directors who had filed Writ Petition
(Shikha Pahuja & Ors vs. MCA)
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Hon’ble Bombay HC on October 12, 2017 gave
following clarification:
a) The effect of the provision of Section 167 (2) (a) is
not retrospective;
b) Applicant may file DIR-10;
c) ROC/ MCA can take appropriate actions which will
be independent of the Petition
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Bombay High Court has passed an order dated on
March 22, 2018 w.r.t. Restoration of the name of the
company, Availing the benefits of CODS - 2018 scheme
and Removal of disqualification of directors is based on
the judgment passed by the Delhi High Court dated on
March 06,2018 in the case of Sandeep Jain & anr. Vs.
Union of India & ors. W.P.(C)No.2051 of 2018,
Hon’ble Bombay HC passed an order.
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Hon’ble Delhi HC on December 21, 2017 in the matter of Raman Nada Vs UOI
has passed the following Orders:
a) Petitioner may file all the requisite returns in relation to the
Company to avail the CODS – 2018 ;
b) Necessary resolution for voluntarily striking off may be filed
U/S 248(2);
c) Petitioner to make a necessary application under CODS- 2018
alongwith the requisite charges;
d) Offline submission allowed to be made to ROC.
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Hon’ble Delhi HC on January 10, 2018 in the matter of
Prem Prakash Sethi Vs UOI has passed the following Orders:
a) Petitioner may file all the requisite returns in relation to the
Company to avail the CODS – 2018;
b) Petitioner to make a necessary application under CODS- 2018 along
with the requisite charges.
c) Online submission to be made to ROC.
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Hon’ble Delhi HC on February 26, 2018 in the matter ofNandlal Bhatia Vs UOI has passed the following Orders:
1. Directives contained in Sandeep Singh (supra) will apply mutatismutandis to the petitioners as well;
2. The Petitioners will take requisite steps under Section 248 (2) of theCompanies Act, 2013 for voluntary strike off;
3. The operation of the impugned list Disqualified Directors insofar asthe petitioners were concerned was stayed till 31.3.2018;
4. The ROC directed to activate the Petitioners’ DIN and DSC.Disclaimer
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The CA 1956
Vs.
The CA 2013
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274 (1) (g) CA 1956 164 & 167 CA 2013
Applicable to Public Companies. Applicable to all Companies
It did not result in vacation of
office u/s 283.
It does result in vacation of office
u/s 167
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As CA, 2013 came into effect from April 01, 2014,
hence it was understood that section 164 (2) (a) shall be effective
only after 3 years of continuous default in filing of B/s and A/r,
that is for FY 2014-15, 2015-16 and 2016-17, for which the last
date of filing was October 30, 2017. Hence disqualification will
start from November 01, 2017.
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MCA vide Circular No. 41/2014 has clarified that in case of
Company who have filed their Balance Sheet and Annual
Return on or after 01.04.2014 but prior to launch of CLSS
2014, disqualification u/s 164(2) (a) shall apply only for the
prospective defaults , if any, by such companies.
This includes filing for FY 2013-14 which is filed after
01.04.2014
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Vacate their office as Director in all companies
-Sec. 167(1)(a)
not eligible to be re-appointed in the defaulting Company
or appointed as a director in another company for a period
of 5 years, from the date on which the defaulting company
failed to file said documents.
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Section 164: Disqualification for appointment of Directors
Section 167: Vacation of Office of Director
Section 248 : Power of Registrar to remove name of company
Section 252: Appeal to Tribunal
Section 403: Fee for Filling
Section 459: Powers of CG or Tribunal to accord approval.
Section 460 (b): Condonation of delay by CG
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Section 164 mentions the primary requirements that who may
or may not be appointed to be a director.
AND
the company may in its Articles provide additional grounds for
ineligibility or disqualification, or additional minimum
qualifications that should be met by its directors.
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Section 164 (1) provides for disqualification which are incurred by a
Director in his Personal capacity like, If he is of :
unsound mind ,
undischarged insolvent,
adjudicated as an insolvent
convicted by a court of any offence,
court order disqualifying him,
failed to pay any calls in respect of shares ,
convicted for offence of dealing with related party transactions,
not having DIN etc.
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Section 164 (2)--- No person who is or has been a director of a company
which—
(a) has not filed financial statements or annual returns for any continuous period of
three financial years; or
(b) has failed to repay the deposits accepted by it or pay interest thereon or to redeem
any debentures on the due date or pay interest due thereon or pay any dividend
declared and such failure to pay or redeem continues for one year or more,
shall be eligible to be re-appointed as a director of that company or appointed in other
company for a period of five years from the date on which the said company fails to do so.
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As per Sec 164 (2) (a) – Not Personal But Company
defaulted in filing the Annual Financial Statements or
Annul Return for a continuous period of 3 years
Auditors also need to report u/s 143 (3)(g) about
Disqualification of Directors u/s 164(2).
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Sec. 167 (1)The office of a director shall become
vacant in case —
(a) he incurs any of the disqualifications specified in
section 164;
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Proviso added to Section 164 (2),which reads as follows:
“Provided that where a person is appointed as a director of a
company which is in default of clause (a) or clause (b)
he shall not incur the disqualification for a period of six
months from the date of his appointment.”
Immunity is given to new appointee Director, otherwise
from day One he is disqualified
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Under Section 167 (1)(a), the following proviso is inserted
"Provided that where he incurs disqualification under sub-
section (2) of section 164, the office of the director shall
become vacant in all the companies, other than the company
which is in default under that sub-section."
He shall continue to be director of defaulting company evenafter default.
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CLC was set up on 4th June 2015 to make recommendation to the
Government on issues arising from the implementation of CA 2013
In the Report of the CLC, issued in February 2016, it has been
discussed as follow with respect to the stringent provision of
disqualification and vacation of Director.
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CLC Report had a mention that Section 164(1) provides for
disqualifications which are incurred by a director in his personal
capacity, and Section 164(2) lists out disqualifications related to the
Company
In this regard, the CLC recommended that the vacancy of an office
should be triggered only where a disqualification is incurred in a
personal capacity and therefore, the scope of Section 167(1)(a)
should be limited to only disqualifications under Section 164(1).
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The CLC acknowledged that this Section created a
paradoxical situation, as the office of all the directors
in a Board would become vacant where they are
disqualified under Section 164(2), and
A new person could not be appointed as a director as
they would also attract such a disqualification.
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The CLC also recommended that a disqualification under
Section 164(2) be only applicable to a person who was a
director at the time of the non-compliance, and in case of a
continuing non-compliance, there should be a period of 6
months time allowed for a new Director to make the company
compliant.
(Now added in the Companies Amendment Act 2017)
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G. MCA ----To find a solution for
updating their Data –CODS 2018
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CODS 2018 - A golden opportunity
For
Defaulting Companies to rectify the default
Not For
Disqualified Directors
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Powers of MCA :
Sections 403 – Fee for Filing
Section 459 – Powers of CG or Tribunal
Section 460 – Condonation of Delay
Duration of CODS : January 1, 2018 to March 31, 2018
Whether last date of filing e-form CODS – 2018 will also
be March 31, 2018.
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Company: It means a Company as defined in section 2(20) of the Companies
Act, 2013.
Foreign companies having BO or LO are not covered : As per Sec. 381 & 384
Foreign Companies need to file B/s & A/r in Form -FC-3 & FC-4 which is to be
certified by authorised Signatory and not Director.
Defaulting Companies: It means a company which has not filed its FS or AR as
required under the Act and the Rules made there under for a continuous period of 3
years.
Struck Off Companies are not covered
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Defaulting Companies & not Struck Off by the ROC
Continuous period of 3 years
Annual Return Financial Statements
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Overdue Documents: FS or AR or other associated
documents, as applicable, in the case of a
defaulting company and refer to documents
mentioned in paragraph 5 of CODS
What is to be understood of “other associated
documents” under the definition of Overdue
Documents?
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Ambiguity in Def. and Para 5 for Overdue Documents: Definition of
Overdue Documents read as other Associated Documents and ref Para 5
and in Para 5 it reads that only B/s , A/r, Secretarial Audit Report and Appt
of Auditors.
Without filing various other relevant / associated forms like PAS 3, DIR 13,
SH 7 etc, technically the company may not be able to file B/s and A/r. Hence
MCA should allow such other associated Documents also in Para 5.
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It is applicable to all Defaulting Companies and
not to companies struck off u/s 248 (5) .
It is applicable for Overdue Documents which
were due for filing till 30th June 2017.
Can Active Companies file other documents under
CODS?
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What is the ‘relevance of 30th June 2017’??
For the annual filing documents for FY 2015-16 ,
assuming AGM was on 30th Sept 2016, the last date of
filing as per Section 403 of the Act, 2013 is July 27,
2017 ( 30 Plus 270 Days)
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1. DIN ACTIVATION BY MCA
(Temporary activation of DIN DURING VALIDITY of CODS
2018.) Re-activation has commenced from January 12, 2018
2. FILING OF PENDING E-FROM
The Defaulting Company shall file the Overdue Documents
in respective form with Additional Fees i.e. as per section 403
3. APPLICATION FOR CONDONATION
After filling documents in Step 2 Company shall seek condonation
of delay by filling of e-form E-CODS 2018 with fees Rs. 30,000/- 62AMITA DESAI & CO
(1) In the case of defaulting companies whose names have not been
removed from register of companies,-
i) The DINs of the concerned disqualified directors de-activated at
present, shall be temporarily activated during the validity of
the scheme to enable them to file the overdue documents.
ii) The defaulting company shall file the overdue documents in the
respective prescribed e -Forms paying the statutory filing fee and
additional fee payable as per section 403 of the Act read with
Companies (Registration Offices and fee) Rules, 2014 for filing
these overdue documents
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(iii) The defaulting company after filing documents under
this scheme, shall seek condonation of delay by filing
form e-CODS attached to the scheme online on the
MCA21 portal. The fee for filing application e
form CODS is Rs.30,000/- (Rupees Thirty Thousand
only).
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iv. The DINs of Director’s associated with the Defaulting
Companies that have not filed their Overdue Documents and
E-form CODS-2018, and these are not taken on record in the
MCA21 registry and are still found to be disqualified on the
conclusion of the Scheme in terms of section 164(2)(a) r/w
167(1)(a) of the Act shall be liable to be deactivated on
expiry of the scheme period.
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v. In the event of defaulting companies whose names have been
removed from the register of companies under section 248 of the
Act and which have filed applications for revival under section
252 of the Act up to the date of this scheme, the Director's
DIN shall be re-activated only NCLT order of revival
subject to the company having filing of all overdue documents.
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1. Ambiguity of period mentioned in Pt 4(i) (iv) and (v) ---
“during the validity, on conclusion and upto the date of
scheme”
2. CODS 2018 does not have any mention of permanent
activation of DIN of Directors after filing all Overdue
Documents by the Company
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3. Whether DIR 10 to be filed in e-Form GLN 1 or by simply filing
e-Form CODS, the disqualification will be removed by RoC?
4. Company has made application for revival u/s 252 upto the date of
this Scheme but if NCLT Order comes after the closure of the
Scheme, will the Company be allowed to file Overdue Documents
under CODS ?
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SR.
NO.
FORM DESCRIPTION
1 20 B / MGT-7 Annual Return by a Company having
Share capital
2 21 A/ MGT-7 Annual Return by a Company not
having Share capital
3 23 AC, 23 ACA, 23AC-
XBRL, 23ACA-XBRL,
AOC-4, AOC-4 (CFS),
AOC (XBRL) and
AOC-4 (non XBRL)
Forms for filing Balance sheet/
Financial Statements and Profit and
Loss Account
4 66 Form for submission of Compliance
Certificate with the Registrar
5 23B/ ADT-1 Form for intimation for Appointment of
Auditors
CODS 2018 shall not apply to the filing of documents other than following documents
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Hanging Sword :
ROC can take action under section 167 (2) of the
Act or civil and criminal liabilities, if any, of such
disqualified directors during the period they
remain disqualified.
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1. After filing all Overdue Documents under CODS, can Directors
Disqualification is automaticlly considered to be removed ? And
2. Can he act as Director in any other company after filing all overdue
documents or whether it will attract penal action u/s 167 (2) of the Act from
RoC as para 6 of CODS 2018 ? ---- MCA need to clarify it.
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ROC shall take necessary actions :
1. Will he initiate prosecution u/s. 167(2) against earlier Directors ? Or
against newly appointed Directors u/s 167 (3) also? ( CAA 2017) , as
Section 164 (2) reads , No Person who is or has been director of such
defaulting company
2. Can company file compounding application u/s 441 for the action
taken by RoC after CODS ? Who will sign such application?
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e-form CODS 2018 was made available on MCA website from
February 26, 2018
In e-form CODS 2018 Maximum 20 SRNs can be entered
the e-form CODS will be taken on record on Straight through
Process (STP)
MCA had requested the Defaulting Companies to file all Overdue
Documents without waiting for availability of the e-form CODS form.
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SRNs of the Overdue Documents filed by the Defaulting Company
Details of any appeal(s) filed against any notice issued or complaint filed
before the competent Court for documents filed under CODS ;
Details of any prosecution(s) is pending in court against the Company
and its officers in respect of documents filed under CODS; &
Details of any Director(s) of the Company is declared as proclaimed
offender or facing criminal case(s) for economic offences.
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Indirectly, through e-Form CODS , MCA will be identifying
the Directors who are declared as proclaimed offender or
facing criminal cases for economic offences
The overdue documents up to June 30, 2017, can be filed
under this scheme, however filing of B/s and A/r for
FY 2016-17 shall not be covered under CODS-2018
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1. File Application before NCLT u/s 252 during the validity of
CODS 2018 (assumed as Pt 4 (v) of CODS 2018 mention upto
the date of this scheme) and
2. Obtain NCLT Order u/s 252 ( NCLT order revival with
penalty of 10K to 200K as the Bench decides)
3. File all Overdue Documents within time mentioned in Order
4. Assume that DINs of Directors shall be re-activated
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HC - Writ Petition
OR
NCLAT - Appeal against Order of NCLT
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1. How disqualification of Directors can be removed for
Directors of a Struck Off company (which is Defaulted in
filing) which has neither done any activity nor have
opened any Bank account and intend to close the
company or its restoration application is rejected by
NCLT?---- Can they get one more chance ?
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2. MCA to clarify that companies which are struck off can
still file the Application for its revival u/s 252 of the Act
during the validity of the scheme.
And if the Order of NCLT will be after the closure of
CODS , RoC will allow such companies to file Overdue
Documents?
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3.Can Active Companies also file any other
document with DIN of Defaulting Directors
which is now activated by RoC– in view of
section 167 (2) read with Para 6 of CODS
4. Is Form DIR 10 required to be filed or not?
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5. What is the fate of Shareholders / Creditors of
Struck Off Companies if, assets are still there or Bank
charges are subsisting ?
6. What is the fate of Companies whose all Shareholders
are Corporate entities, which all are now Struck Off
?
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7. What will be the status of Additional Directors of such
Defaulting Companies or Struck Off Companies, who had
resigned immediately after their appointment or their
appointment were not regularized by Shareholders and
the Company had not filed Form 32 as per CA 1956 for
resignation and now their names are shown in MCA as
Director and they are disqualified by RoC ?
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8. Whether extension of CODS 2018 be made due to –
a) Delay in temporarily activating DIN of Defaulting Companies
b) Delay in making e-Form CODS 2018 available till 20.02.18
And
c) Delay in obtaining NCLT Orders u/s 252.
9. Allow to file Other Associated Documents – MCA to allow all other
relevant Forms like SH 7, DIR 12, INC 22 etc .
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10. Whether ROC will make an Application to NCLT as
per 2nd proviso of 252 (1) to restore the Companies
which he has inadvertently struck off?
11. No action u/s 167 (2) will be taken by MCA against
the Directors of the Defaulting Companies for their
using digital signature and filing Overdue Documents
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12. MCA to clarify that Form DIR 8 given by Directors of
Defaulting Companies till 30th Sept 2017 and Auditors have
taken it on record in B/s for FY 2016-17 shall be considered
as valid.
13. Whether Auditors ( CA and CS ) need to clarify such
details in annual filing ?
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14.What is to be done for inactive and
dormant Struck Off Companies , who
had never done any business or prepared
any FS , can such companies be allowed to
make application u/s 248 (2), without filing
prior period Overdue Documents.?
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15. Situation where Form DIN - 3 was not filed intimating DIN and such
Company is Struck Off but Directors in such companies are
not yet disqualified
Should these Director’s be considered as disqualified
Do they require to make application to NCLT u/s 252 and revive the
company and then file application u/s 248 (2) for voluntary strike off of
the Name
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(a)Can struck off companies itself or aggrieved persons make application to
NCLT u/s 252 after the implementation of CODS or upto the date of the
Scheme ?
(b) What about struck off companies which had never done any operations :
We suggest that such companies be allowed to make an Application to
NCLT u/s 252 and NCLT gives Direction to RoC to first revive the
company and allow it to file application u/s 248 (2) for voluntary strike off
and remove the disqualification of Directors
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B Limited
(Active)
Can Continue as Non
Disqualified Directors
Can not continue u/s
167 (1) (a) and vacate
his office
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Mr. Y Mr. XDirectors
A Limited
(Defaulting)
If CODS availed and
default status is removed
If CODS not availed and
Default is continued Mr. Y Mr. X
Mr. Y Mr. X
B Limited
(Active)
Can Continue as Non
Disqualified Directors
Can not continue u/s
167 (1) (a)
AMITA DESAI & CO90
Mr. Y Mr. XDirectors
A Limited
(Struck Off)
U/s 252 if revival order
passed by NCLT
U/s 252 revival order
rejected or not obtained Mr. Y Mr. X
Mr. Y Mr. X
B Limited
(Active)
Directors are
disqualified u/s 167
(1) (a) although their
names are not in the
disqualification list
AMITA DESAI & CO91
Mr. Y Mr. XDirectorsA Limited
(Struck Off)I
DIR 3 not filed
hence Directors
are not
Disqualified
Mr. Y Mr. X
SHAREHOLDERS
Company 1 and
Company 2 are
Struck off
AMITA DESAI & CO92
A Limited
(Defaulting Co.)
has 2 corporate
shareholders
What is the fate of such Defaulting Company?
QUESTIONS
93AMITA DESAI & CO
94AMITA DESAI & CO
Amita Desai & Co.
Company Secretaries
Mumbai- India
Tel 91 22 2684 5920/21/23
Mobile: 9820177691
Email : [email protected]
Website : www.amitadesai.com
95AMITA DESAI & CO