Short Summary
The Ministry of Corporate Affairs, due to the COVID-19 pandemic has given some relaxation to Companies. We are producing here all the relaxations at one place which are into effect as on 25th June 2021, like waiver of additional fees, extra time for filing of forms, holding of BM or GM through VC etc.
Relaxation I
A. Holding of EOGM through VC
The MCA vide below mentioned circulars first time allowed Companies to hold their Extra Ordinary General Meeting through Video Conferencing.
|
S. No. |
Circular No. |
Date of Circular |
Extension |
|
1. |
14/2020 |
08th April, 2020 |
30th June, 2020 |
|
2. |
22/2020 |
15th June, 2020 |
30th September, 2020 |
|
3. |
30th June, 2021 |
||
|
4. |
10/2021 |
23rd June, 2021 |
31st December, 2021 |
As per latest amendment of 23rd June 2021 Ministry has allowed companies to hold their Extra Ordinary General Meeting through Video Conferencing till 31st December, 2021. A welcome Step from the Ministry of Corporate Affairs.
B. Holding of AGM through VC:
The MCA vide below mentioned circulars first time allowed Companies to hold their Annual General Meeting through Video Conferencing.
|
S. No. |
Circular No. |
Date of Circular |
Extension |
|
1. |
20/2020 |
05th May, 2020 |
31st December, 2020 |
|
2. |
02/2021 |
13th January, 2021 |
31st December, 2021 |
As per Circular passed in January, 2021 ministry has already allowed to all the Companies to hold their Annual General Meeting through Video Conferencing till 31st December, 2021
C. Holding of BM through VC:
Before amendment, if Company want to conduct the business mentioned under Rule 4 then physical presence of quorum was mandatory. If physical quorum of directors was present, then other directors was allowed to attend the meeting through video conferencing.
- Approval of financial statements;
- Approval of matter relating to merger/amalgamation;
- Approval of matter relating to takeover/acquisition;
- Approval of prospectus for issue of shares.
The MCA vide below mentioned Amendment in Rules, first time allowed Companies to hold their Board Meeting through Video Conferencing for discussion on restricted matters.
|
S. No. |
Circular No. |
Date of Circular |
Extension |
|
1. |
Companies (Meetings of Board and its Powers) Amendment Rules, 2020 |
19th March, 2020 |
30th June, 2020 |
|
2. |
Companies (Meetings of Board and its Powers) Second Amendment Rules, 2020 |
23rd June, 2020 |
30th September, 2020 |
|
3. |
|||
|
4. |
Companies (Meetings of Board and its Powers) Second Amendment Rules, 2021 |
15th June, 2021 |
Life Time |
After amendment of 15th June 2021, Companies can deal with any type of matter in the Board Meeting through Video Conferencing. Now, there is no restriction of on discussion on any matter in Board meeting through video conferencing.
D. Relaxation from Additional Fees
As per MCA circular dated 03rd May, 2021, if due date of any form of Company and LLP out of 53 form list given by MCA (except CHG-1, CHG-4 and CHG-9) falling between 1st April, 2021 to 31st May, 2021 then those forms can be file without additional fees till 31st July, 2021.
E. Relaxation in time for filing of Charge related form after due date
As per MCA circular dated 03rd May, 2021, given the following relaxation to charge related form:
i. If 120 from the date of creation of charge or modification of charge not expired on 1st April 2021 then period from 01st April 2021 to 31st May 2021 shall not consider for purpose of calculation of 120 days.
ii. If any charge created or modified between 1st April 2021 to 31st May
2021 then 01st June 2021 shall be considered as 1st day of creation/ modification of charge.
Important Points
i. There is no change in disclosures of Directors Report for FY ended 31st march, 2021.
ii. There is no change in Reporting in Financial Statement for FY ended 31st march, 2021.
iii. There is no change in disclosures of Auditor’s Report for FY ended 31st march, 2021.
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