No.1/11/2000-RC

Government of India

Ministry of Law, Justice & Company Affairs

Department of Company Affairs

Shastri Bhavan, New Delhi – 1.

25^th September, 2000

PRESS NOTE 11/2000

Company Law Settlement Scheme, 2000 – A Grand Success

The Company Law Settlement Scheme, 2000 (CLSS 2000) is an initiative of Department of Company Affairs to usher in a new era of trust and partnership between the Government and private sector. CLSS 2000 was started on 1^st June, 2000. The Scheme provided onetime opportunity to the companies which defaulted in filing Balance Sheet and Profit & Loss Account and such other documents with the Registrar of Companies. The Scheme was to initially expire on 31^st August, 2000. However, the Scheme was successful beyond expectations and till 31^st August, 2000 the Scheme was availed of by 1,02, 096 companies who contributed Rs.109 crores to the exchequer as against a target of Rs.100 crores.

The success of the CLSS 2000 has been possible due to a brilliant conception and imaginative packaging of the Scheme by the leaders in Department of Company Affairs and dedicated and hard work put in by field officers which has enabled the target of the Scheme being surpassed.

The Scheme has been extended by the Government till 30.09.2000 due to persistent demand from companies. The collections under the Scheme as on 23^rd September, 2000 are Rs.111.59 crores. I would however appeal to companies to come forward in large numbers in the remaining week of the Scheme and avail of CLSS, 2000 facility. They should justify the government’s belief that the companies would now move towards an era of growth and good corporate governance.

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