Amid the uncertain times due to the Covid-19 crisis, Think Capital Group brings to you, the recent amendments announced by the various courts and tribunals in India over the past 1 month.
The following laws and acts have been amended to provide interim relief during the Covid-19 crisis
Where: MCA Notification
when : March 19, 2020
What : Companies (Meetings of Board and its Powers) Rules, 2014
“From the date of notification till June 30, 2020, matters which were prohibited to be decided through video conferencing or other audio video means has been relaxed”
Where : MCA Notification
when : March 23, 2020
Read with : MCA Office memorandum dated March 28, 2020
“Spending of CSR Funds for COVID-19 and PM CARES Fund shall qualify as CSR expenditure under Companies Act, 2013”
Where: MCA Circular
when : April 8 and April 13, 2020
What : Companies (Meetings of Board and its powers ) Rules, 2014
“Allowed Companies to take decisions of urgent nature, which requires approval of members, through the mechanism of postal ballot/ e-voting without holding general meetings which requires physical presence of members at a common venue”
No additional fee shall be charged for late filing during moratorium period from April 01, 2020 September 30, 2020 in respect of any document, return of statement.
The mandatory requirement of holding the Board meetings (120 days) stands extended by a period of additional 60 days i.e till September 30, 2020.
The Companies (Auditors Report) order, 2020 shall be made applicable from FY 2020-21 instead of being applicable for FY 2019-20.
Independent Directors are required to hold atleast one meeting without attendance of non-independent Directors. For FY 2019-20, if such meeting has not been held, the same shall not be treated viewed as violation.
