The Corporate Affairs Commission (CAC) has extended the commencement date for application of penalties on companies for failure to file annual returns from 1st January 2024 to 1st April 2024.
This is further to its earlier notice published on Thursday, 2nd November 2023 informing the General Public that it shall commence the full application of the penalties prescribed by the Companies and Allied Matters Act 2020 and the Companies Regulations 2021 against Companies and each of their Directors or Officers..
According to the CAC, this extension has become necessary in view of the glitches presently experienced on the Company Registration Portal (CRP) and in deference to appeals from the Micro, Small and Medium Enterprise (MSME) sector.
“All entities registered under the Companies and Allied Matters Act (Companies, Limited Liability Partnerships, Limited Partnerships, Business Names and incorporated Trustees) are encouraged to take advantage of the window provided by this extension to file their annual returns to date with the Commission.
“The General Public should please note that this publication/extension of time does not affect the striking-off proceedings commenced by the Commission prior to the publication of Thursday, 27 November 2023,” a notice from CAC read in part.
Furthermore, the commission said Companies, their Directors and Officers should note that the Commission shall henceforth proceed against Directors and Officers of struck-off Companies for recovery of undischarged penalties against them.
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