In this edition we have tried to bring to your notice the latest amendment that followed in the month of July, 2021 issued by MCA & SEBI.
Ministry of Corporate Affairs issues clarification on spending of CSR fund for COVID-19 Vaccination
The Ministry of Corporate Affairs vide general circular no. 10/2020 dated 23.03.2020 has clarified that spending of CSR funds for COVID-19 is eligible for CSR Activity. In continuation of said circular vide general circular no 13/2022 dated 30.07.2021 it is further clarified that vaccination for persons other than the employees and their families, is an eligible CSR activity. Spending of CSR funds for COVID-19 Vaccination is an eligible CSR activity under item no: (i) of schedule VII of the companies Act 2013 relating to health care including preventive health care and item no xii relating to disaster management. Read More: https://www.mca.gov.in/bin/dms/getdocument?mds=HbDqXuiLTcYlShFfT8wcuA%253D%253D&type=open
Ministry of Corporate Affairs has published the Companies (Incorporation) Fifth Amendment Rules, 2021 on 22nd July 2021 for allotment of new name to existing Companies
In case a company fails to change its name or new name, as the case may be, in accordance with the direction issued under sub-section (1) of section 16 of the Act within a period of three months from the date of issue of such direction. , the letters “ORDNC” (“Order of Regional Director Not Complied”), the year of passing of the direction, the serial number and the existing Corporate Identity Number (CIN) of the company shall become the new name of the company without any further act or deed by the company, and the Registrar shall accordingly make entry of the new name in the register of companies and issue a fresh certificate of incorporation in Form No.INC-11C.Companies (Incorporation) Fifth Amendment Rules, 2021 shall come into force from the 1st September, 2021. Read More: https://www.mca.gov.in/bin/dms/getdocument?mds=xBAsF0oY7R3foZZqFw4y0A%253D%253D&type=open
Revised E-forms MGT-7A and E-form MGT-7
The Ministry of Corporate Affairs through updated issued on 16-07-2021 has published the New e-form MGT-7A and revised e-form MGT-7 in line with the Companies (Management and Administration) Amendment Rules, 2021
List of forms providing waiver of additional fee as per Circular no. 11/2021 and 12/2021
The Ministry of Corporate Affairs has enlisted the Forms for which due date extension and additional fees waiver is provided by the ministry through Circular no. 11/2021 and 12/2021.
Link for List of forms for which due date extension and additional fee waiver is provided: https://www.mca.gov.in/bin/dms/getdocument?mds=xIk8LHJKnBG4BVxlUSaSFQ%253D%253D&type=open
https://www.mca.gov.in/bin/dms/getdocument?mds=oNl%252BU4n7x%252FntbDPEaxYULQ%253D%253D&type=open
Holding of Annual General Meeting (AGM) by top 100 listed entities by market capitalization
As per regulation 44(5) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 top 100 listed entities by market capitalization are required to hold their AGM within a period of five months from the date of closing of the financial year. SEBI is in receipt of representations from listed entities and the Institute of Company Secretaries of India (ICSI) requesting extension of time to the top 100 listed entities for holding their AGM inter – alia due to the CoVID-19 pandemic. After consideration, SEBI has been decided to extend the timeline for conduct of AGM by top – 100 listed entities by market capitalization. Accordingly, such entities shall hold their AGM within a period of six months from the date of closing of the financial year for 2020-21. Read more: https://www.sebi.gov.in/legal/circulars/jul-2021/extension-of-time-for-holding-the-annual-general-meeting-agm-by-top-100-listed-entities-by-market-capitalization_51318.html