The Ministry of Corporate Affairs (MCA) has issued its ‘Condonation of Delay Scheme, 2018’ after a large number of directors who were disqualified on account of default by a company in filing annual return or financial statement for a continuous period of 3 years filed petitions before various High Courts. The scheme will come into effect from January 1, 2018, and will remain in force up to March 31, 2018. The MCA website on Monday has allowed the defaulting companies to file the e-forms in the manner prescribed with such penalty to be paid.

March 12th, 2018