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The Ministry of Corporate Affairs has clarified that any person who has been appointed as an independent director in a company on the date of commencement of the Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2019, shall within a period of seven months instead of existing tine frame of five months from such commencement shall apply online to the institute for inclusion of his name in the data bank for a period of…

The Ministry of Corporate Affairs has clarified that if the companies whose financial year (other than first financial year) has ended on 31st December, 2019, hold their Annual General Meeting (AGM) for such financial year within a period of nine months from the closure of the financial year (i.e. by 30th September, 2020), the same shall not be viewed as a violation. The references to due date of AGM or the date by which the…

Ministry of Corporate Affairs (MCA) have clarified that belated filing in MCA-21 registry without additional fees has already been allowed till 30th September, 2020 vide General Circular No.11/2020, dated 24th March, 2020 and General Circular No.12/2020 dated 30th March, 2020. Therefore, the necessary relaxation, insofar as filing of various other IEPF e-forms (IEPF-1, IEPF-1A, IEPF-2, IEPF-3, IEPF-4, IEPF-7) and e-verification of claims filed in e-form IEPF-5, is concerned, the same has already been provided. [Source:…

The Ministry of Corporate Affairs have allowed companies to conduct Extra-ordinary General Meeting (EGM) through video conferencing on or before 30th June, 2020 or till further orders, whichever earlier during the COVID-19 but subject to fulfilment of certain conditions as mentioned in General Circular No.14/2020 dated 08th April, 2020 and General Circular No.17/2020 dated 13th April, 2020. [Source: General Circular No. 14/2020 dated 8th April, 2020 and General Circular No. 17/2020 dated 13th April, 2020]

S.N. FAQ Remarks 1. Whether contribution made to ‘PM CARES Fund’ shall qualify as CSR expenditure? Contribution made to ‘PM CARES Fund’ shall qualify as CSR expenditure under item no (viii) of Schedule VII of the Companies Act, 2013 and it has been further clarified vide Office memorandum F. No. CSR-05/1/2020-CSR-MCA dated 28th March, 2020. 2. Whether contribution made to ‘Chief Minister’s Relief Funds’ or ‘State Relief Fund for COVID-19’ shall qualify as CSR expenditure?…