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Amnesty for erring companies fetches Rs.33 crore

New Delhi, July 16 (IANS) An amnesty scheme, which allows companies which have not been filing statutory documents an extension, has earned the government Rs.33.22 crore, according to the corporate affairs ministry.

According to the Companies Act, firms need to maintain and give timely updates to the registrar of companies about their balance sheet, profit and loss account among other data.

The Company Law Settlement Scheme saw over 67,430 documents being filed by the defaulting companies, paying the normal fee and an additional 25 percent to avoid prosecution, said the ministry’s statement.

Another scheme, the Easy Exit Scheme, which intends to give defunct companies a chance to get their names struck off the roster of the Registrar of Companies also saw 500 applications.

However, the exit scheme does not cover listed entities, non-government organisations, vanishing companies, or firms companies under investigation.

The two schemes were launched May 30 and will continue till Aug 31. If the companies fail to avail the scheme and do not file the required documents, the registrar of companies will take necessary legal action.

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