On various representation made by stakeholders and other statutoryBodies, the Ministry of Corporate Affairs has extended the condonationof delay scheme, 2018 for the Directors for non-compliant companies upto 30th April, 2018 (see attachment). While there are still several companies which remain struck off and/or have directors disqualifies. This new circular has given a fresh window to companies/Directors to approach the appropriate forum for exercising remedy.
The Hon’ble Delhi High Court has been giving relief to various companies/directors while also allowing them to make compliances with the respective Registrar of companies Although the government’s move literally brought several businesses to a standstill, the courts have balanced equities in allowing the companies/directors to function.
The Ministry of Corporate Affairs (MCA) had vide circulars dated 6th and 12th September, 2017 disqualifies lakhs of Directors for non-filing of documents and returns for a period of 3 preceding years. Such action of the Ministry is still under challenge however, the court was pleased to extend the protection to the petitioning Directors until 24th July. The court has stayed the applicability of the circulars with respect to the petitioners
The Disqualified directors had contended that the disqualification was unjust and arbitrary. The disqualification has lead their other business to a standstill. However, pursuant to the Court’s orders, the ROC is restoring the Director Identification Numbers (DIN) of the Directors present before the court.
The National company Law Tribunal(NCLT) benches are allowing revival of companies, subject to compliances and satisfaction. If your company features in the list of Non-compliant companies or you have been disqualified as a director, lawtendo provides the best lawyers for you to approach the NCLT for revival of the company or to challenge the disqualification.
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