Defaulted in the MCA list? Leverage the New Scheme of Government By Dhivya Krishna - April 8, 2020 Last Updated at: Dec 10, 2020 1883 The MCA has launched the “LLP Settlement Scheme, 2020” to ease the compliance burden on companies due to the COVID-19 situation. Vide this scheme, the MCA allowed a “one-time condonation of delay in filing statutorily required documents with the RoC. It has provided a one-time relaxation in payment of additional fees to the defaulting LLPs to make good their default by filing pending documents and to remain compliant. Are you a defaulter in the MCA list and worried over your long-standing compliance dues? Are you finding it increasingly difficult to ensure statutory and regulatory compliance for your business? Well, you now have a ray of hope beaming brightly on you, thanks to the Government New Companies Fresh Start Scheme 2020 and revised LLP Settlement Scheme 2020. You can enjoy waiver of additional fees/penalty till 30th September 2020. Read more. The fight of the Nation against the Coronavirus pandemic is intensifying with every passing day as we are in the middle of an unprecedented lockdown. However, our daily lives have been disrupted and economic activity has come to almost a standstill in many parts of the country. The business community has borne the brunt of all these. Significant concerns related to business continuity are being raised from all quarters as businesses are trying the best they can, to stay afloat. New Scheme for law-abiding companies and LLP Amidst all these, it’s heartening to see the Indian Government coming out to extend its helping hand towards the businesses disrupted by the ‘claws’ of this pandemic. In one such recent initiative, the Ministry of Corporate Affairs (MCA) has launched 2 schemes to help law-abiding companies and LLPs. These schemes offer an opportunity for these companies to make a fresh start and clear their compliance defaults till 30th September 2020. This is an initiative from the MCA to incentivize compliance and reduce the compliance burden of companies, in this ‘test of time’. Get Annual compliances Waiver in Filing Additional Fees Companies availing these schemes will be entitled to get a one-time waiver of additional filing fees for all delayed filings up to 30th September 2020. This will cover all filings in respect of any return, statement, document and so on, needed for complying with the MCA 21 registry. We believe this is coming in as a welcome relief if your business has not complied with statutory filings for long. If you opt for these schemes, you will not have to pay any additional fees against delayed filing, irrespective of the due dates. Moratorium Period It’s the perfect time for you to make the best of these Govt. incentives and clear all your dues during this moratorium period from 1st April to 30th September. You can avail of the compliance packages of Vakilsearch, clear your name from the MCA defaulter base and get immunity from penal provisions. The truly digital platform of Vakilsearch would help you to make a fresh start all over again and to stay on the right side of regulations thereafter. How Annual Compliance Package is Helpful to You? All Private Limited Companies are governed by MCA under Companies Act, 2013. Every company post incorporation, has to fulfil some of their mandatory legal obligations. We at Vakilsearch serve them in 3 simple steps: Returns & Minutes Filing – We file your annual returns and prepare the minutes of board meetings. Issuing Certificates – We issue share certificates and update the statutory registers. Drafting & Final Filings – We file directors’ disclosures to the registrar.