LSS- 2020 Archives

Extend due dates of CFSS-2020, LLP Settlement Scheme- ICSI Amid the chaos of COVID 19 pandemic, back in April, the Government announced two schemes namely CFSS, 2020 (Companies Fresh Start Scheme, 2020) and LSS, 2020 (LLP Settlement Scheme, 2020) which proved to be a great relief for the Companies and LLPS. It was announced that the schemes were scheduled to be concluded on 30th September, 2020. But due to on going pandemic and request of the various organization of the CAs and CSs, the due date for CFSS 2020 and LSS 2020 was further extended till 31st December, 2020. Now again the Institute of Company Secretary of India has made a request to the Ministry of Corporate Affairs (MCA) by writing a letter to MCA oon 24th December, 2020, to extend the due date for the CFSS- 2020 and LLP Settlement Scheme, 2020 (LSS 2020). Apart from this they have also demanded the extension in the due date for the Scheme for relaxation of time for filing forms related to creation or modification of charges under the Act, Holding Board Meeting through Video Conferencing and Companies to hold EGMs or transact business through postal ballots through VC or OAVM. Let us put down the full representation made by the ICSI to the Ministry of Corporate Affairs. THE INSTITUTE OF Company Secretaries of IndiaIN PURSUIT OF PROFESSIONAL EXCELLENCEStatutory body under an Act of Parliament(Under the jurisdiction of Ministry of Corporate Affairs) MCA: December: 2020 24th December, 2020 Shri Rajesh Verma, IAS Secretary Ministry of Corporate Affairs Government of India Shastri Bhawan Dr.Rajendra Prasad Road New Delhi -110001 Subject: Request for extension of timelines due to COVID-19-reg. Respected Sir, We extend our heartfelt gratitude towards to the Ministry of Corporate Affairs (MCA) for having extended various relaxations to the corporate and other stakeholders in the times of Covid 19. As you are kindly aware that impact of Covid 19 pandemic is not yet over and the stakeholders are still facing significant challenges in undertaking the functions smoothly. Considering the ongoing situation, we request you to consider further relaxation in due dates of the following compliances: S. No. MCA Notification / Circular no. & Date Detail Suggestion 1 General Circular No. 12/2020 dated 30thMarch, 2020 General Circular No. 30/2020 dated 28thSeptember, 2020 Companies Fresh Start Scheme, 2020 (CFSS- 2020) The Companies Fresh Start Scheme was introduced on the 1st April, 2020. The scheme offered one-time opportunity to the defaulting companies to file the pending documents without charging higher additional fees on any delay with the MCA. The said scheme was extended till 31st December, 2020. The scheme may extended upto 31st March, 2021 2 General Circular No. 13/2020 dated 30thMarch,2020 General Circular No. 31/2020 dated 28thSeptember, 2020 General Circular No. 37/2020 dated 9thNovember, 2020 LLP Settlement Scheme, 2020 (LSS 2020) The LLP Settlement Scheme was introduced on the 1st April, 2020. The scheme offered one-time opportunity to the defaulting LLPs to file the pending documents without charging higher additional fees on any delay with the MCA. The said scheme was extended till 31st December, 2020. The scheme may extended upto 31st March, 2021 and accordingly the due date for filing belated documents may be extended 3 General Circular No. 23/2020 dated 17th June, 2020 General Circular No. 32/2020 dated 28thSeptember, 2020 Scheme for relaxation of time for filing forms related to creation or modification of charges under the Act The scheme is available which granted relaxation in filing of Form No. CHG-1 and Form No. CHG9 by a company or a charge holder which has been extended till 31st December, 2020. The period may be extended upto 31 stMarch, 2021. 4 MCA Notification no. GSR 186 (E) dated 19th March, 2020 MCA Notification no. 395(E) dated 23rd June, 2020 MCA Notification no. G.S.R. 590(E) dated September 28, 2020 Holding Board Meeting through Video Conferencing In terms of the provisions of Rule 4 of the Companies (Meetings of Board and its Powers) Rules, 2014, certain matters at the Board Meeting shall not be dealt with in any meeting through video conferencing or other audio-visual means. The said provisions were relaxed and such matters were allowed to be conducted through Video Conferencing till 31st December, 2020. This relaxation may be extended up to 31st March, 2021. (Please note that the due date for the Board Meeting till 30th June, 2021- Download PDF of the notification) 5 General Circular No. 14/2020 dated 8th April, 2020 General Circular No. 17/2020 dated 13th April, 2020 General Circular No. 22/2020 dated 15th June, 2020 General Circular No. 33/2020 dated 28th September, 2020 Companies to hold EGMs or transact business through postal ballots through VC or OAVM The MCA has allowed companies to conduct their EGMs through VC or OAVM or transact items through postal ballot in accordance with the framework provided in the Circulars upto 31st December, 2020. This relaxation may be extended up to 31st March, 2021. We hope that the above submissions which are on account of the difficulties and hardship faced by the stakeholders would be considered favorably. We shall be pleased to provide any further information in this regard on hearing from your good self. Thanking You, Yours faithfully, (CS Asish Mohan) Secretary Download: PDF of the Representation made by ICSI Note: Based on the representation made by the ICSI, MCA has extended the dates for conducting Board meetings through Video Conference (VC) / Other Audio-Visual_Means (OAVM), for approving financial statements and other restricted agenda items, from 31st December, 2020 to 30th June, 2021. However, there no announcement as of now made with regards to the extension of the due date for the CFSS, 2020, LSS 2020, Charge forms etc. We shall update you if there is any update comes from the MCA.

LSS- 2020

CFSS, LLPSS, Charge Forms, Meetings- Extend due dates- demands ICSI

MCA extends various Due Dates to 31st December 2020- CFSS 2020 and LSS included

Know whether you need to file CFSS 2020- if you have filed DPT 3, MSME-1, DIR 3 KYC, PAS 6, LLP 11, LLP 8 etc