{"id":32892,"date":"2018-10-29T17:23:54","date_gmt":"2018-10-29T11:53:54","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=32892"},"modified":"2018-10-29T17:23:54","modified_gmt":"2018-10-29T11:53:54","slug":"condonation-of-delay-scheme-only-for-bona-fide-directors","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/condonation-of-delay-scheme-only-for-bona-fide-directors\/","title":{"rendered":"\u2018Condonation of delay scheme only for bona fide directors\u2019"},"content":{"rendered":"<p><strong>\u2018<a href=\"http:\/\/blog.forumias.com\/must-read-news-articles-december-26\/v\">Condonation of delay scheme only for bona fide directors\u2019<\/a><\/strong><\/p>\n<p><strong>Context<\/strong><\/p>\n<p>Only bona fide directors will benefit from the proposed scheme that will provide a three-month window for defaulting companies to submit their filings, a senior government official said.<\/p>\n<p><strong>Plan not open for directors of \u2018struck-off\u2019 firms, says Corporate Affairs Secretary<\/strong><\/p>\n<p>The Condonation of Delay Scheme, which would be rolled out by the Ministry of Corporate Affairs, is expected to come as a relief for disqualified directors. It is to be operational from January 1 to March 31, 2018.<\/p>\n<p><strong>\u2018Many affected\u2019<\/strong><\/p>\n<ul>\n<li>Since so many people were affected, the government felt that some resolution was required without compromising the fight against illegal activities.<\/li>\n<li>The scheme is not open for directors of struck-off companies. They can come only when they [those companies] are restored through the National Company Law Tribunal (NCLT)<\/li>\n<\/ul>\n<p><strong>Steps by Corporate Affairs Ministry<\/strong><\/p>\n<ul>\n<li>As part of clamping down on illicit fund flows, the corporate affairs ministry has disqualified more than 3.09 lakh directors of companies which failed to submit annual filings for a long time.<\/li>\n<li>Following the move, concerns were raised that many directors of genuine companies have also been disqualified<\/li>\n<li>Besides, some individuals moved courts against their disqualification.<\/li>\n<\/ul>\n<p><strong>Director Identification Numbers<\/strong><\/p>\n<ul>\n<li>As per a draft circular, the Director Identification Numbers of disqualified directors that have been deactivated would be \u2018temporarily activated\u2019 during the scheme period.<\/li>\n<li>After submitting the filings under the scheme, a company concerned would have to file a separate form seeking condonation of the delay along with a fee of \u20b930,000, it added<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>\u2018Condonation of delay scheme only for bona fide directors\u2019 Context Only bona fide directors will benefit from the proposed scheme that will provide a three-month window for defaulting companies to submit their filings, a senior government official said. Plan not open for directors of \u2018struck-off\u2019 firms, says Corporate Affairs Secretary The Condonation of Delay Scheme,&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/condonation-of-delay-scheme-only-for-bona-fide-directors\/\">Continue reading <span class=\"screen-reader-text\">\u2018Condonation of delay scheme only for bona fide directors\u2019<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[555],"tags":[],"class_list":["post-32892","post","type-post","status-publish","format-standard","hentry","category-test-1","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704778559},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/32892","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=32892"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/32892\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=32892"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=32892"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=32892"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}