Company Law Settlement Scheme, 2000 - SO 529(E), - Companies Law

NOTIFICATION NO. SO 529(E), DATED 31-5-2000, ISSUED BY THE DEPARTMENT OF COMPANY AFFAIRS Subject:- Company Law Settlement Scheme, 2000 S.O. 529(E).- Whereas the Central Government has decided to make a Scheme namely, the Company Law Settlement Scheme, 2000 for granting immunity from prosecution and compounding the period of delay involving in filing certain documents under the Companies Act, 1956 (1 of 1956); Now, therefore, in exercise of the powers conferred by clause ( b ) of section 637B read with section 637 of the said Act, the Central Government hereby notifies the following Scheme, namely : To View, Scheme Click Here Company Law Settlement Scheme, 2000 Notes on clauses explaining the provisions of the company law settlement Scheme, 2000 Clause 1 relates to short title and commencement of the scheme for early settlement of fines payable under the Company Law Settlement Scheme, 2000. This clause also contains the date of notification prescribed by the Central Government for the scheme to come into force. Clause 2 contains the definition of certain terms and expressions used in the scheme. Clause 3 seeks to provide for settlement of offences and the manner in which the settlement shall be made. Clause 4 provides that a declaration under the Scheme will be made to the designated authority in a particular Form. Clause 5 provides the time and manner of payment of fees for seeking immunity under the Scheme. It also provides that in no event the sum paid for seeking immunity in pursuance of a declaration made under Clause 4 will be refunded. Clause 6 seeks to provide about the withdrawal of appeal against prosecution launched for the offences. Clause 7 specifies that designated authority shall consider the declaration and upon consideration shall pass an order in writing, inter-alia, stating the reasons for granting the immunity. Clause 8 seeks to specify the circumstances under which provisions of the Scheme will not be applicable. Clause 9 specifies that after passing the appropriate order, Registrar of Companies shall inform the concerned Court or Regional Director or Company Law Board before whom the matter for prosecution or compounding application is pending in appropriate cases.