Latest Announcements dated 24th March, 2020 by Our Hon'ble Finance Minister Nirmala Sitharaman related to Ministry of Corporate affairs are as follows:
MCA - moratorium from 01.04.2020 to 30.09.2020 - there shall be no additional fees for late filings till 30.09.2020.
Board meetings holding relaxed for 60 days for next 2 quarters (April 2020 to June 2020 & July 2020 to September 2020.
Revised CARO applicability postponed shall be Applicable from FY 2020-2021 instead of FY 2019-2020.
Relaxation of Section 149 (3) of Companies Act, 2013 Every company needs to have atleast 1 Resident Director in India who shall remain in india for atleast 180 days. The Said Provision Section 149 (3) has been relaxed for the FY 2019-2020.
No violation even if Independent Directors didn’t Held any Independent Directors meeting in the FY 2019-2020.
For newly incorporated companies - Commencement of business (Form INC-20A) is to be filed within 6 months, which is now extended for another 6 months.
Every Company Required to Create a Deposit Reserve of 20% of the deposits maturing within Next 1 Year by 30.04.2020. This deadline extended to 30.06.2020.
Deposits Repayment Reserve requirement and 15% Debenture repayment investment to be invested till 30.04.2020 are also extended to 30.06.2020.
MCA - moratorium from 01.04.2020 to 30.09.2020 - there shall be no additional fees for late filings till 30.09.2020.
Board meetings holding relaxed for 60 days for next 2 quarters (April 2020 to June 2020 & July 2020 to September 2020.
Revised CARO applicability postponed shall be Applicable from FY 2020-2021 instead of FY 2019-2020.
Relaxation of Section 149 (3) of Companies Act, 2013 Every company needs to have atleast 1 Resident Director in India who shall remain in india for atleast 180 days. The Said Provision Section 149 (3) has been relaxed for the FY 2019-2020.
No violation even if Independent Directors didn’t Held any Independent Directors meeting in the FY 2019-2020.
For newly incorporated companies - Commencement of business (Form INC-20A) is to be filed within 6 months, which is now extended for another 6 months.
Every Company Required to Create a Deposit Reserve of 20% of the deposits maturing within Next 1 Year by 30.04.2020. This deadline extended to 30.06.2020.
Deposits Repayment Reserve requirement and 15% Debenture repayment investment to be invested till 30.04.2020 are also extended to 30.06.2020.
