All about Companies Fresh Start Scheme, 2020 The impact of COVID-19 is dangerous as the virus is easily communicable and there is no specific antidote for the same. Government is trying their best to protect the interest of people to the extent they can. With this intent, they have introduced the Companies Fresh Start Scheme, 2020 (CFSS-2020) which provide a one time opportunity to all non compliant companies to start a fresh and complete their compliances without payment of additional fees. The detailed about the scheme introduced is as follows: Definitions Default: Default means failure in filing of documents on due date and are still pending for filing (also referred as belated filing). Defaulting Companies: Defaulting Companies means a Company which has made the default of non-filing of documents Inactive Companies: Inactive Companies means a company which has not been carrying on any business or operation, or has not made any significant accounting transaction during the last two financial years, or has not filed financial statements and annual returns during the last two financial years Immunity Certificate: Immunity Certificate is the certificate issued by the Designated Authority (herein reffered to Registrar of Companies) on the basis of completion of filing of belated documents and declaration made in E-form CFSS-2020. Duration of the Scheme The scheme shall be in effect from 01.04.2020 till 30.09.2020. Applicability of the Scheme Any company which failed to comply any of the compliances on any given date with respect to filing of documents, statement, returns etc. with MCA-21 registry and the same is still pending to be filed can complete their compliances within the effective period of the scheme with normal fees. No additional fee will be levied on completion of such filing with the MCA-21 registry. Further note that the immunity with respect to prosecution or proceeding shall be provided with respect to the belated filings only. Any other consequential proceedings or violation of Companies Act, 2013 and amendment thereof shall not be covered under this immunity. Manner of filing Every defaulting company can file belated documents with normal fees. The belated documents include all types of documents related to general compliances, annual compliances, Active Compliances and all other compliances except increase in authorised share capital and charge related documents. After closure of this Scheme, an application for seeking immunity certificate shall be filed in E-form CFSS-2020 and after the documents are taken on file/ record/ approved by the Registrar of Companies but not after 6 months from the closure of the Scheme. The Registrar of Companies (ROC) shall grant the immunity certificate based on the declaration made under Eform CFSS-2020. No fee shall be paid for filing of E-form CFSS-2020 for obtaining the immunity certificate. Further, this certificate shall not be applicable in the matter of any appeal or management disputes pending before the court of law. The companies which are inactive while filing their documents under CFSS, 2020 can simultaneously apply for striking off or seek for dormant status. Forms Covered under the [...]