Trade Marks Act - Petitioner has no locus to challenge order as petitioner is not claiming itself to be manufactory in Madhya Pradesh and registration of its label under M.P. Beer & Wine Rules : HC (See 'Legal Desk') SARFAESI Act - Discretion to grant reduction in pre-deposit rests with DRAT and Petitioner has failed to make out any ground for interference : HC (See 'Legal Desk') Constitution of India - Petitioner is entitled for Capital subsidy : HC (See 'Legal Desk') Coast Guard inks MoU with Jindal Steel for boosting indigenous manufacturing capacity (See 'Corp Brief') Companies Act - Winding up proceedings pending before High Courts, which are at nascent stage and have not progressed to advanced stage, can be transferred to NCLT : HC (See 'Legal Desk') PMLA - Considering involvement of applicant in selling fake Remdesivir injection at higher price, applicant is not entitled for anticipatory bail : HC (See 'Legal Desk') Arbitration Act - Any amicable settlement not incompatible with arbitration agreement is encouraged by Arbitral Tribunal : HC (See 'Legal Desk') M.P. Nagar Tatha Gram Nivesh Adhiniyam, 1973 - Order passed by respondents is devoid of merit as land of petitioner is left open for purpose of any future road expansion : HC (See 'Legal Desk') Arbitration Act - Since appellant has failed to establish loss suffered, Arbitral Tribunal rightly rejected appellant's claim in this regard : HC (See 'Legal Desk') PMLA - Arrest order and consequent remand order are not illegal : HC (See 'Legal Desk') Keel-laying ceremony performed at Goa Shipyard (See 'Corp Brief') Companies Act - Winding up proceedings pending before High Courts, which are at nascent stage and have not progressed to advanced stage, can be transferred to NCLT : HC (See 'Legal Desk') SEBI Act - Extension of time can be allowed to SEBI to complete investigation : SAT (See 'Legal Desk') Arbitration Act - Respondent no.3 is not liable for repayment obligations of financial facilities extended by appellant to respondent no 1 company : HC (See 'Legal Desk') Mineral production grows by 8 percent in February (See 'Corp Brief') SARFAESI Act - Court refrains to adjudicate matter on merits when matter is already pending in DRAT : HC (See 'Legal Desk') Coal production in April up by 7.4% (See 'Corp Brief') SEBI Act - Appellants have made case for stay as rigours of directions of SEBI order would adversely affect business of Appellant as well as their clients : SAT (See 'Legal Desk') Trade Mark Act - Marks 'BETSONE' and 'BETASON' are deceptively similar to registered trademark 'BETNESOL' and visually, phonetically and structurally alike, with minimal alterations : HC (See 'Legal Desk') Voting by tribal communities blossoms as ECI's outreach to them bears fruit (See 'Corp Brief') SARFAESI Act - No fault can be found with respondent financial institution invoking Section 14 of SARFAESI Act by approaching District Magistrate, Rewa : HC (See 'Legal Desk') Ministry of Parliamentary Affairs observes Swachhata Pakhwada (See 'Corp Brief')

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Defaults under Companies Act - Scheme to condone delay proposed

Published: Dec 20, 2017

By TIOLCORPLAWS News Service

NEW DELHI, DEC 20, 2017: TO enable defaulters under the Companies Act to come out clean, the MCA has proposed to introduce a Scheme namely “Condonation of Delay Scheme 2018 (CODS-2018). The time span of scheme would be from 01.01.2018 to 31.03.2018.

The Companies registered under the Companies Act, 2013 (or its predecessor Act) are required to file their Annual Financial statements and Annual Returns with the Registrar of Companies and non-filing of such reports is an offence under the said Act. Section164(2) of the Act read with section167of the Companies Act, 2013 (the Act),which provisions were commenced with effect from 01.04.2014, provide for disqualification of a director on account of default by a company in filing an annual return or a financial statement for a continuous period of three years. Consequent upon notification of provisions of section 164(2), Ministry of Corporate Affairs(MCA) had launched a Company Law Settlement Scheme 2014 providing an opportunity to the defaulting companies to clear their defaults within the time period specified there in and following the due process as notified. MCA in September 2017, identified 3,09,614 directors associated with the companies that had failed to file financial statements or annual returns in the MCA21online registry for a continuous period of three financial years 2013-14 to 2015-16 in terms of provisions of section164(2) r/w 167(1)( a) of the Act and they were barred from accessing the online registry and a list of such directors was published on the website of MCA. As a result of above action,there have been a spate of representations from industry, defaulting companies and their directors seeking an opportunity for the defaulting companies to become compliant and normalize operations. Certain affected persons have also filed writ petitions before various High Courts seeking relief from the disqualification. Keeping all these things in mind MCA proposes CODE 2018.

Draft Condonation of Delay Scheme, 2018


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