Workshop on Impact of the Amended Section 403 of the Companies Act, Dormant Companies and Disqualification of Director

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Event Details

Workshop on Impact of the Amended Section 403 of the Companies Act, Dormant Companies and Disqualification of Director - Jun 28, 2018

Background :

Section 403 deals with the fees required to be paid by companies in case they fail to submit, file, register or record any document with the Registrar of Companies (“ROC”). The amendments to Section 403 of the Act and the Companies (Registration Offices and Fees) Rules, 2014have been notified on May 7, 2018. Subsequently, the penalty for not filing Annual Return (MGT-7)/Financial Statements (AOC-4) within the period specified, which was limited up to a maximum of 12 times of normal filing fees has been increased to Rs.100 per day per form (for every day of delay).


Further, the Registrar may issue notice for changing of status of a Company to a Dormant Company when there is failure to file Financial Statements for two consecutive years pursuant to Section 455(4) of the Act. Pursuant to Section 164(2)(a) of the Act, a person can be disqualified from being a Director, if a Company, on which the person is a Director, has not filed Financial Statements/Annual Return for a continuous period of three years.


Recently, over three lakh directors who were on the Board of companies that have failed to file Financial Statements or Annual Returns for a continuous period of three financial years during 2013-14 to 2015-16 have been disqualified. The names of over two lakh companies have been struck off from the register of companies under Section 248 of the Act for remaining inactive for a period of two immediately preceding financial years without an application within such period for obtaining the status of a dormant company.

 

The session seeks to discuss the above provisions, emphasise the importance of timely filing of returns/forms with the ROC and the impact on a Company in the instance of failure to do so.


Venue  & Time:

Taj President, Vivanta by Taj, Cuff Pared  ||  09.30 am to 1.00 pm

Objectives :

1. The recent amendments in Section 403 of the Companies Act, 2013(the “Act”) pertaining to payment of additional feesandthefinancialimpact ona Company in the instance of failure to submit, file, register or record any document with the Registrar of Companies.

2. Other Consequences of failure to file Financial Statements/Annual Returns for consecutive yearspursuant to Section 455(4) and Section 164(2)(a) of the Act and the importance of having alert mechanisms for timely filing of returns/forms by a Company.


Key content :
1. Overview of the Statutory and Regulatory landscape pertaining to payment of Fees, Dormant Companies and disqualification of Directors.
2. Assessment of the monetary impact on a Company in the instance of failure to file Annual Return and Financial Statements with the ROC and Penalties for failure to file forms other than Annual Return and Financial Statements with the ROC.
3. Impact on the Company for Non-filing of Financial Statements in consecutive Years: changing status as Dormant Company, Strike Off and Disqualification of Directors.
4. Condonation of delay in filing of forms.
5. Importance of having monitoring mechanisms and timely alerts to ensure compliance with the requirement of filing timely returns with the ROC.

Who can attend :
CEOs/CFOs/Directors
Legal Heads
Legal Counsels
Personnel from Corporate/Industry
Company Secretary and Team members
Anyone interested

Speaker Profile :
Mr. Suhas Tuljapurkar is the Managing Partner of Legasis Partners, a law firm having offices in Mumbai, Pune, Hyderabad and Delhi. He is also founder Director of Legasis Services Pvt. Ltd. Having worked as in-house counsel with Dabhol Power, Enron, Hindustan Unilever, Essar Group, Fiat and others, and then as Managing Partner of a law firm, Mr. Suhas has clear understanding of corporate requirements and lawyers predicaments.
 
Contact :
Ms. Aneeha Neeraja Rajan 
Tel: 022 61200227   
Ms. Shruti Rathod 
Tel: 022 61200268

 

Participation Fee :   
Members  Rs. 2500 +18% GST
Non-Members  Rs. 2950 +18% GST

Bank Details for NEFT

Account No.

02422418061924

IFSC CODE

DCBL0000024

Bank Name

DCB Bank

Branch Address

Mahim (024), Mumbai

Cheque /Demand Draft should be drawn in favor of “BOMBAY CHAMBER OF COMMERCE AND INDUSTRY”.

Taj President, Vivanta by Taj, Cuff Pared

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