Author: CS Santosh Pandey

NOTE ON COMPANIES FRESH START SCHEME, 2020

Introduction In the midst of flow of various relaxation on compliance and postponement in enforcing various new provisions, Ministry of Corporate Affairs have introduced a much-needed scheme for the defaulting companies for their documents, return, records, etc. pending to be filed with MCA21 Registry irrespective of the year of default by availing the facility of Companies Fresh Start Scheme, 2020 [CFSS]. This scheme has been introduced by way of circular dated 30/03/2020 and includes various benefits for the defaulting companies as it waives off additional fees to be paid on account of delayed filing, introduced immunity clause against the prosecution or...

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IMMUNITY TO THE RESOLUTION APPLICANT UNDER INSOLVENCY AND BANKRUPTCY CODE, 2016: A WELCOME STEP

Recently, in the matter of JSW Steel Limited V. Mahender Kumar Khandelwal & Ors., Hon’ble NCLAT has provided immunity to resolution applicant to the corporate debtor whose resolution plan has been approved by Committee of Creditor and Adjudicating Authority, against the confiscation of property by the Department of Enforcement. Department of Enforcement in the said matter has contended that the property/assets of the corporate debtor have been acquired by way of proceeds of crime and therefore they are having absolute authority to cease such properties and recover the amount.  In this matter, Hon’ble NCLAT  is of the view that new...

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ONE TIME REPORTING OF EXEMPTED DEPOSITS IN E-FORM DPT-3

INTRODUCTION On the verge of bringing new concepts, reporting mechanism and compliances, Ministry of Corporate Affairs introduced a new concept of reporting of exempted deposits and brought in the new sub-rule i.e. Sub-Rule (3) of Rule 16A through the Companies (Acceptance of Deposits) Amendment Rules, 2019 (hereinafter referred to as ‘Amended Deposits Rules’). The said Amendment has been made by way of notification dated 22.01.2019 duly issued by the Ministry. Prior to such notification Reporting of Exempted Deposits was no where required to be done anywhere except in the financial statements or annual filing documents. It seems that such reporting has...

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BANNING OF UNREGULATED DEPOSIT SCHEMES ORDINANCE, 2019 AND COMPANIES ACT, 2013-CONCEPTUAL COMPARISON

INTRODUCTION Recently the Ministry of Law and Justice with the consent of President of India has introduced an Ordinance namely Banning of Unregulated Deposit Schemes Ordinance, 2019 (hereinafter referred to as ‘Ordinance’) which deals with unregulated deposit scheme which are currently running in economy due to which lot of depositors or we can say investors are getting harmed by getting trapped into fraudulent activity or scheme of the deposit takers. The present Ordinance has been passed keeping in mind all the aspects and circumstances and clearly signifies the actual purpose of the Ordinance. In this article, we will be discussing the...

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