MCA has decided to provide the following relaxations to the Companies:
• From April 01, 2020, till September 30, 2020, there will be no additional fees for late filing of e-forms;
• For holding of board meetings in the next two quarters there shall be a maximum gap of 180 days instead of 120 days between two consecutive meetings;
• There will be no non-compliance if no meeting of Independent Directors held during the FY 2019-20;
• Newly incorporated Companies need to obtained Certificate of Commencement of Business within 12 months from the date of their incorporation instead of 6 months;
• Companies (Auditor’s Report) Order, 2020 will be applicable from FY 2020-21;
• Companies which are required to create Deposit Redemption Reserve may create such reserve up to June 30, 2020, instead of April 30, 2020;
• Non-Compliance of minimum residency for a minimum period of 182 days by at least one director of a Company shall not be treated as non-compliance of Section 149; and
• The requirement to invest 15% of debentures maturing during a particular year in specified instruments before April 30, 2020, maybe done so before June 30, 2020
Effective date: March 24, 2020
Source: PIB Press Release
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