The Ministry of Corporate Affairs had provided an opportunity to the companies to enable them to file their pending annual documents to avoid attraction of higher fees/ fine and other penal action by introducing Company Law Settlement Scheme, 2014 vide General Circular No. 34/2014 dated 12th August, 2014 which was in force up to 15th October 2014.

The Ministry after considering the request received from various stakeholders including the Institute of Chartered Accountants of India has decided to extend the Company Law Settlement Scheme, 2014 up to 15th November, 2014.

CA.K.Raghu, President, ICAI said “We are happy that this one month period would be of immense help for the members and the Corporate in filing their belated documents. Also, the defaulting companies which avail the scheme and file all belated documents, the provisions related to disqualification of directors u/s 164 (2) (a) shall apply only for prospective defaults, if any, by such companies.”