A new Company Law Settlement Scheme, 2011 has been introduced by Ministry of Corporate Affairs, Government of India. The scheme provides an opportunity to the companies which have failed to file the statutory documents. These documents include Balance Sheets, Annual Returns and Secretarial Compliance Certificates.
The scheme is applicable to statutory documents that were due for filing till 30th June, 2011, under the Companies Act, 1956. The General Circular No. 59/2011, dated 5th August, 2011 provides that not only the delay by the defaulting companies in filing documents with the ROC shall be condoned but they shall also be granted immunity from prosecution. This immunity will be available on payment of an additional fee of 25% of actual additional fee payable for filing belated documents under the Companies Act, 1956.
The scheme is in force from 12th August, 2011 and it closes on 31st October, 2011. Companies against which action under Section 560 of the Act has been initiated by the ROC will not be covered under the scheme.