LLP Settlement Scheme 2020 As a part of Government’s constant efforts towards promoting ease of doing business in India, Ministry of Corporate Affairs had launched a scheme called as the LLP Settlement Scheme 2020, which allowed defaulting Limited Liability Partnership to clear all their pending ROC returns without being subject to additional late fees. The scheme was further revised on 30th March 2020 where in additional relaxations have been provided for it to align better with the Companies Fresh [...]

Companies Fresh Start Scheme 2020 Ministry of Corporate Affairs recently notified a scheme Companies Fresh Start Scheme where in defaulting companies have been provided with a golden opportunity to start with a fresh slate by updating all pending returns by paying just the normal fees and getting immunity to penal provisions provided in the act for such default in filings. The scheme also provides a one-time opportunity for defaulting companies to apply for dormant status or even apply for [...]

DIR 3 KYC Update For Directors Holding DIN Update: Due date for the year 2020 onwards. Recently the Ministry Of Corporate Affairs has issued a notification wherein all the directors having DIN are required to update their KYC annually. Provided that anyone who is already holding a Directors Identification number as on 31st March of the financial year is required to update their DIR 3 KYC by 30th September of that year, failing to do so may result in [...]

CSR and its Mandatory regime in India This is no new that many large business entities use a huge amount of resources from the society to carry out their business and in return as a matter of courteous behavior there naturally comes a sense responsibility on their part to offer a helping hand for the upliftment of society. Adopting this social attitude many entities have voluntarily come forward and taken up Corporate Social Responsibility initiatives, while others continuing to [...]

Company ACTIVE Compliance 2019 Ministry Of Corporate Affairs has introduced additional compliance to be fulfilled by all companies registered under the companies act 2013 including One Person Company, Private Limited Company, Section 8 Company, or a Limited company. This initiative is taken in order to filter shell companies and maintain an updated KYC record of all the companies which are genuinely conducting business. An additional eForm INC 22A ACTIVE which stands for “Active Company Tagging Identities and Verification” is [...]

Mandatory Return of Deposits Earlier a special set of companies were required to file the eForm DPT -3 within specified time, but according to the recent amendment to Companies (Acceptance Of Deposit) Amendment Rules 2019 published as on 22nd January 2019, Rule 16A(3) mandates every company other than a Government company to file a return giving particulars of all outstanding loans which are not considered as deposits as per the act or any outstanding receipts of money. Applicability: The [...]