Removal of disqualification of directors under COD Scheme 2018

Removal of Disqualification of Directors under CODS 2018

CODS 2018 :  Condonation of Delay scheme 2018.

The removal of Disqualification of Directors can be divided into two cases:

• Case-I– Removal of disqualification of directors for defaulter but active companies.
• Case-II– Removal of disqualification of directors for defaulter and struck off companies.

MCA after issuing list of disqualified directors was approached by numerous directors, companies and professionals for providing the way for removal of disqualification.

Here we are talking about the First Case i.e.

COMPANIES WHICH ARE ACTIVE BUT THEIR DIRECTORS ARE DISQUALIFIED.

• MCA with The association of RoC’s first Issued The Way Of Appointing New Directors On Board Of Defaulter Companies incase all the directors on the board became disqualified and the company is active.
• But Currently MCA has issued a new scheme for removal of disqualification of directors by introducing a scheme called CODS 2018 (Condonation of Delay scheme 2018).

The CODS (Condonation  of Delay scheme 2018) Scheme is issued to help and giving last opportunity to the companies and its directors to make their default good and make their status clear.

Important Features of the scheme:

1. The Scheme is available only for a limited period ie. 01.01.2018 to 31.03.2018.
2. The Scheme is available only for the companies which are active and its directors are disqualified.
3. The scheme is not available for the companies where any of the director of the company is also associated with the company which has been struck off by the MCA.
4. The disqualified Directors has to note that all the due filings of every company associated with their DIN is to be completed or filed.
5. The Deactivated DIN will be reactivated during the validity of the scheme.
6. A Eform CODS for seeking Condonation of Delay has to be filed by each company with fees of Rs 30,000 apart from statutory fees of Annual Filing forms.
7. The Companies that will not complete its filing and form cods will again step into defaulter list and this default will be final for 5 years.
8. After the expiry of the scheme , the DINs of such directors shall be deactivated again for 5 years.
9. After the expiry of the scheme, The Registrar shall take necessary actions against the Companies who have not availed of the scheme.
10. The Scheme is applicable for filing Annual forms of Balance Sheet, Financial Statement, P&L  Accounts, Annual Return, Compliance Certificates and appointment of auditors.
11. No other forms can be filled during the time period like appointment/ resignation of directors etc.
12. After the expiry of the scheme, the directors who will be failed to comply the compliances and avail the scheme CODS, The disqualification will be confirmed for next 5 years and they cannot be appointed in any company nor can incorporate any new company, even those company in which they will remain director will be unable to complete its filings.
13. So every company and directors are advised to check the status of their filings and directorships once again and be a part of good corporate governance and avoiding any problems in future.

Steps of COD Scheme 2018

• The DINS of the Disqualified which were deactivated by the MCA shall be temporarily activated during the validity of the scheme so that the directors can make the due filings completed.
• Companies will File the Overdue Documents with the statutory and additional fees as applicable.
• After Completing the filings each company has to file the Eform CODS alongwith the fees of Rs 30,000 as per the scheme with mentioning all the SRN of the forms filed during the period before the last date of the scheme.
• The Form CODS is to be filed for seeking Condonation of delay.

Here we are talking about the Second Case i.e.

Removal of disqualification of directors for defaulter and struck off companies.

Follow This Link :

REVIVAL OF COMPANIES UNDER THE NEW COMPANIES ACT 2013

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