LLP Settlement Scheme- 2020 - Series - 558


  LLP Settlement
Scheme- 2020
(Step Towards ‘Compliance”)
Short Summary:

Large Numbers of LLP’s have defaulting in filling of followings forms:

v LLP-3 viz. LLp Agreement and change theirein
v LLP-8 Statement of Account and Solvency
v LLP-11 Annual Return of LLP

As per LLP Act if such form not being filed within prescribed time presently LLPs may file such documents on payment of additional fees of Rs. 100 per day.

Due to ease of doing business CG decide to give ‘onetime relaxation in additional fees to the defaulting LLP’s to make good their default by filling pending documents.

This scheme shall call as “LLP Settlement Scheme, 2020”.

Details of Scheme:

               I.        This Scheme shall be effective for period 1st April, 2020 to 30th September, 2020

        II.        Cutoff Date for Late Filing: Defaulting LLP is permitted to file belated documents, which were due to filing till 31st August, 2020.

         III.            Manner of Additional Fees:
  §  No Additional fees shall be Charged

          IV.            Relaxation from Prosecution:
The defaulting LLP’s which have filed their pending documents till 30th September, 2020 shall not be subjected to prosecution by ROC.

               V.            Form on which this scheme shall applicable:

  §  LLP-3 viz. LLp Agreement and change theirein
   §  LLP-4 Notice of appointment, cessation, change in name/ address/ designation of designated partner/ partner
   §  LLP-8 Statement of Account and Solvency
   §  LLP-11 Annual Return of LLP

          VI.            Non applicability of Scheme:
This scheme shall not apply to LLPs which has made an application in Form 24 of the Registrar, for striking off its name.

CAUTION:
On conclusion of Scheme, The Roc shall take action against the LLPs which have
     §  Not availed this Scheme, and
§  Are in default in filing of documents as required under act.




QUICK BITES
1.      
Whether this scheme applicable only on 4 (four) forms of LLP?

This scheme is applicable on form forms of LLP only
§  LLP-3
§  LLP-4
§  LLP-8
§  LLP-11
2.      
What shall be per day additional fees as per Scheme?

No Additional Fees shall be charge under this Scheme.
3.      
What shall be maximum Additional Fees per form?

No Additional Fees shall be charge under this Scheme.
4.      
From which dates LLPs will allow to file forms under this Scheme?

LLPs shall avail this scheme w.e.f. 1st April, 2020 and can file all pending forms till 30th September, 2020
5.      
What is the cut off dates of forms falling under this scheme?

Cut off date of default of form is 31st August, 2020.

(Author – CS Divesh Goyal, GOYAL DIVESH & ASSOCIATES Company Secretary in Practice from Delhi and can be contacted at csdiveshgoyal@gmail.com). ‘

Disclaimer: The entire contents of this document have been prepared on the basis of relevant provisions and as per the information existing at the time of the preparation. Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, I assume no responsibility therefore. Users of this information are expected to refer to the relevant existing provisions of applicable Laws. The user of the information agrees that the information is not a professional advice and is subject to change without notice. I assume no responsibility for the consequences of use of such information. IN NO EVENT SHALL I SHALL BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM, ARISING OUT OF OR IN CONNECTION WITH THE USE OF THE INFORMATION

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