The Corporate Affairs Commission,CAC has extended the deadline for imposing penalties against companies which have failed to submit their yearly returns from January 1, 2024, to April 1, 2024.
Nevertheless, as of November, there were only 91,843 defaulting companies.
In a statement released on Thursday, December 28, the agency said that technical difficulties with its portal were the reason behind the deadline extension.
The statement said as follows: “The Commission hereby extends the commencement date from 1 January 2024 to 1 April 2024. This is in addition to its earlier notice published on Thursday, 2% 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 for failure to file annual returns.
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Due to current issues with the Company Registration Portal, CRP, and in response to requests from the Micro, Small, and Medium-Sized Enterprise, MSME, sector, an extension has become necessary.
The period provided for by this extension for the submission of annual returns to the Commission should be used by all entities registered under the Companies and Allied Matters Act, Limited Liability Partnerships, Limited Partnerships, Business Names and Incorporated Trustees. The general public is to be reminded that this extension of time will have no impact on the strike action initiated by the Commission before Thursday, 2nd November 2023 publication.”
“In addition, companies, their directors, and officers should be aware that the commission will now pursue recovery of undischarged penalties against directors and officers of struck-off companies.”
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