Highlights from Corporate Affairs
| Broad Category | Measures | Details |
|---|---|---|
| MCA-21 Registry | No additional fees for submission during moratorium period | No additional fees shall be charged for late filing during a moratorium period from 1 Apr to 30 Sep 2020 in respect of any document, return, statement, etc. required to be filed in the MCA-21 Registry, irrespective of its due date. This measure will also reduce financial burden of companies/LLP who are long-standing non-compliant to make a “fresh start”. |
| Board Meeting | Extension of meeting interval | Interval between the consecutive Board meeting that should not exceed 120 days, shall be extended by a period of 60 days till 30 Sep 2020. |
| Board Meeting | No meeting among Independent Directors’ – Non -violation | For the year 2019-20, if the Independent Directors of a company have not been able to hold even one meeting, the same shall not be viewed as a violation |
| Newly Incorporated Companies | Extension of days for declaration on commencement of business | Newly incorporated company is allowed to file a declaration for commencement of business within an additional time of 6 more months. |
| Residency status | Director’s residency status | Non-compliance of minimum residency in India for a period of at least 182 days by at least one director of every company, under Section 149 of the Companies Act, shall not be treated as a violation |
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