Companies Fresh Start scheme extended

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New Delhi (NVI): In a major relief for companies, the Ministry of Corporate Affairs has extended the duration of several schemes till the end of the year 2020 in the wake of continued disruption caused by the coronavirus pandemic in certain parts of the country.

This will also provide greater ease of doing business. Finance Minister Nirmala Sitharaman’s office today said that the Companies Fresh Start Scheme 2020, which was introduced by the MCA and was valid from 1 April 2020 to 30 September 2020, has now been extended. The scheme aimed to enable companies to clear their previous defaults.

In addition, the scheme for relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013, and the time for conducting EGMs through video conference or other audio-visual means has also been extended till December-end.

The  LLP Settlement Scheme 2020, has also been extended till the end of 2020, which was aimed at enabling the LLPs to settle their previous defaults.