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A large number of companies had been non-compliant with regard to filing of financial statements and annual return under the Companies Act 1956 and/or Companies Act, 2013. The said default would result in disqualification for the appointment of new directors as well a ground for vacation of office of existing directors. Condonation of Delay Scheme, 2018 (“CODS” or “Scheme”) was introduced by the Ministry of Corporate Affairs (“MCA”) on 29th December, 2017 as a relief to those companies who had not filed its financial statements or annual returns for the last three financial years or more as required under the Companies Act 2013 and/or the Companies Act, 1956. This scheme was valid from 1st January 2018 to 1st May 2018.
The salient features of the Scheme are summarised below:
Documents which can be filed under CODS with the Registrar of Companies-
Cut-off date of the overdue documents which is covered under the Scheme-
A defaulting company is permitted to file its overdue documents under the Scheme which were due for filing till 30th June, 2017.
Procedure to file overdue documents under the Scheme-
The Director Identification Number (DIN) of directors of the defaulting companies were temporarily activated so as to enable the defaulting companies to make filings of overdue documents. Post filing of overdue documents, the companies were required to file form e-CODS to condone the delay in filings.
Benefits of the CODS-
My DIN needs activation closing my company. Not even opened bank account. Now our Software product is ready. But stuck. Pl help.
We can add directors through back end process by ROC and close your Company