LLP SETTLEMENT SCHEME-2020

A large number of LLPs have defaulted in filing Form-3 viz. LLP Agreement and changes therein and statutory return viz. Form-8 Statement of Accounts & Solvency (Annual or Interim) and Form-11 Annual Return of LLP.

Since large number of representations were received for waiver of fee or condonation of delay in an additional fee, so the Central Government in exercise of its power u/s 460 of the Companies Act, 2013 dated 30th January 2020 u/s 67(2) of LLP Act has decided to introduce a scheme namely "LLP Settlement Scheme, 2020", by allowing a One-time condonation of delay in filing statutorily required documents with the Registrar.

The defaulting LLPs now may avail this scheme for filing documents which have not been filed on payment of an additional fee of Rs 10/- per day for delay (in addition to normal fee) provided such additional fee shall not exceed Rs. 5000/- per document.

This scheme shall apply to the following forms only:

  1. Form-3: Information with regard to LLP agreement and changes, if any.
  2. Form-4: Notice of appointment, cessation, change in name/address/designation of a designated partner or partner and consent to become a partner/designated partner;
  3. Form-8: Statement of Accounts & Solvency (Annual or Interim)
  4. Form-11: Annual Return of LLP
Further, this scheme shall not be applicable to such LLP which has made an application in Form 24 to the Registrar for striking off its name from the register.

The defaulting LLPs, which have filed their pending documents till 13th June 2020 and made good the default, shall not be subjected to prosecution by the Registrar for such defaults.






Comments

Post a Comment

Please do not enter any spam link in the comment box

RECENT POSTS

AYODHYA JUDGEMENT-SUMMARY

Image
Ayodhya judgement resolved the long pending tussle  between Hindus and Muslims. Resolving this religious fight was not an easy task for Hon'ble Supreme Court (" SC "). Drawing  evidences from the muted history were the most herculean task for the SC, though observations of High Court was very much helpful for the SC to end this religious fight which started from 1856-7 . Writing crux of this judgement was not any easy task for me as well because this judgement spreaded over 1045 pages   and discussed numerous issues  and when I was reading and making summary, the problem before me was what to include or what not? But to reduce this judgement into readable strength, I mainly focused on core question which was the bone of contention.  Further, for the sake of authenticity I have written page numbers of this judgement against paragraphs ( wherever required ) so that you can cross-verify or read in detail if you feel so. The bone of contention before the SC was  " Whethe
Read more

PROCEDURE UNDER COMPANIES ACT, 2013

COMPANY INCORPORATION REGISTRATION OF PRIVATE LIMITED COMPANY CHANGE OF NAME OF COMPANY FUNDS RAISING/ISSUE OF SECURITIES PRIVATE PLACEMENT OF SECURITIES AUDITOR APPOINTMENT OF AUDITORS LOAN & INVESTMENT LOAN & INVESTMENT BY COMPANY REMUNERATION MANAGERIAL REMUNERATION IN CASE OF INADEQUATE PROFIT OR LOSS
Read more

RED TAPISM CASES IN INDIA: IDEA-VODAFONE MERGER-LAWDECODED-CS ROHIT KUMAR

Image
Indian Government has very good track record of killing our own country growth by taking stupid decisions. Our bureaucrats have taken oath not to learn from their past bad decisions. In this article, we will discuss how our Indian bureaucracy efforts are anti-growth. HOW STORY OF RED TAPISM STARTED? Idea-Vodafone merger was quite famous and it was said that this would help to boost Vodafone earning which have been showing very dismal picture. To go through this merger process, this deal had to navigate various regulatory windows and Department of Telecommunication (DoT) was one them. Such kind of departmental approval is required in big transactions. Our government departments are well equipped to squeeze, and they did in this case as well. DoT approved the merger but put one rider that merged entity would pay $1.1 Billion to Government in the name of Spectrum charges which was the source of the dispute between government & Idea-Voda (merged entity) to meet their fiscal targets. A
Read more

DRAFT VALUERS BILL 2020- A NEW ERA OF VALUATION-LAW DECODED-BY CS ROHIT KUMAR

Image
WHY NEED ARISE OF NEW PROFESSIONAL, A VALUER? As of today, there is neither standardised formula for valuing assets of corporates nor proper regulatory framework  governing the valuation professionals which are very important to unlock the real value of assets. Currently, there is an ad-hoc framework for valuation professionals and they are basically governed under Companies Act, and IBBI is empowered to implement regime of registered valuers.  For long, such valuation services are provided by CA & Merchant Bankers under various legislations such as Companies Act, Income Tax Laws, SEBI, FEMA etc in a non-standardised manner involving high degree of subjectivity of valuer which most of the time resulted into mis-matching between reality & excel figures .  Moreover, a valuation can not be a part-time services for CS or CA. This requires altogether different set of skills which are beyond Accounting, Tax, and Excel Sheets. Therefore, the panel headed by IBBI Chairperson M S Sahoo,
Read more

CANCELLATION OF SALE DEED DUE TO NOT HOLDING BOARD MEETING -CASE LAW-DECODED-CS ROHIT KUMAR

Image
M ost people consider Boardroom  a picnic spot, and attending or holding board meeting is considered as a time-pass compliance process by most of the listed and unlisted companies. But, let me tell you board meeting minutes is one of the most important evidences of company's proper functioning, and the Courts also rely on papers of board meeting be it directors notice, attendance register, minutes etc. NOT HOLDING BOARD MEETING COULD RESULT INTO LAND DEAL CANCELLATION This case happened when NCLT declared the sale to be null and void in oppression & mismanagement case [ Elaine Info Solution Pvt. Ltd. v. Avenues India Pvt. Ltd. & others ] and the same uphold by NCLAT . FACTS OF THE CASE: Appellant : Elain Info Sol Pvt Ltd. ( A1 ) Respondents : J&A Avenues India Pvt Ltd ( R1 ) | Mrs. Vishnumolaka Govardhanamma ( R2 ) | Mr. V. Lakshmi Chenuchu Venkata ( R3 ) | Sub-registrar ( R4 ) R2 and R3 are the only directors of R1, and R2 is mother of R3. R3 held 50% shareholding of
Read more