Press Note on Corporate Affairs on account of “Covid-19”

Highlights from Corporate Affairs

Broad CategoryMeasuresDetails
MCA-21 RegistryNo additional fees for submission during moratorium periodNo 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 MeetingExtension of meeting intervalInterval 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 MeetingNo meeting among Independent Directors’ – Non -violationFor 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 CompaniesExtension of days for declaration on commencement of businessNewly incorporated company is allowed to file a declaration for commencement of business within an additional time of 6 more months.
Residency statusDirector’s residency statusNon-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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