In view\nof the situation emerging out of the outbreak of COVID-19, which requires\nadherence of social distancing norms, the stakeholders have pointed about\nvarious difficulties MCA after considering this fact granted certain relaxation\nfew of them are briefed as under.<\/p>\n\n\n\n
Relaxation for holding Extraordinary General Meeting (EGM) through Video\nConferencing (VC) or other Audio-Visual means (OAVM)<\/strong><\/p>\n\n\n\n Due\nto the pandemic caused by COVID-19, Companies are requested to take all urgent\nbusiness, other than ordinary business or business where the person has right\nto be heard, which require the approval of members through the postal ballot or\ne-voting without holding a physical general meeting. In case of unavoidable\ncircumstances companies are allowed to\nconduct EGMs on or before June 30,2020, through Video Conferencing or other\naudio visual means along with the facility of e-voting (If required)\nafter complying the prescribed procedure and all the\nresolutions related thereto shall be filed with Registrar of Companies within\n60 days. In this regard MCA further clarified the manner and mode of issue of\nnotices to the members before convening the general meeting.<\/p>\n\n\n\n [Source:\nMCA Circular dated April 08, 2020] [Source: MCA Circular dated April 13, 2020]<\/p>\n\n\n\n Release of FAQ\u2019s related to COVID 19 on CSR Contribution<\/strong><\/p>\n\n\n\n The\ncontribution on various funds is not qualified as admissible CSR Expenditure\nas:- 1. Chief Minister\u2019s Relief Fund\u2019 or \u2018State Relief Fund for COVID-19 2.Making\nPayment of salary\/wages to employees and workers, including contract labour. 3.\nMaking Payment of wages made to temporary\/casual \/daily wage workers.<\/p>\n\n\n\n [Source:\nMCA Circular dated April 10, 2020]<\/p>\n\n\n\n Relaxations for ROC filing of IEPF e-forms due to outbreak of COVID-19<\/strong><\/p>\n\n\n\n In continuation of relaxation(s)\nas provided by MCA vide its circular dated March 24, 2020 and March 30,2020,\nMCA has decided to provide the necessary relaxation for filing ofvarious\nother IEPF e-forms i.e. IEPF-1, IEPF1A, IEPF-2, IEPF-3, IEPF-4, IEPF-7 and\ne-verification of claims filed in e-forms IEPF-5, with authority without\npayment of additional fees till September 30, 2020.<\/p>\n\n\n\n [Source:\nMCA Circular dated April 13, 2020]<\/p>\n\n\n\n Discontinuation of Form CAR towards COVID-19<\/strong><\/p>\n\n\n\n Web\nbased service as introduced by MCA i.e.(Company Affirmation of Readiness\ntowards COVID19) has been discontinued w.e.f.April 14, 2020.<\/p>\n\n\n\n [Source:\nMCA Notices, dated April 14, 2020]<\/p>\n\n\n\n Holding of annual general meetings by companies whose financial year has\nended on December 31, 2019<\/strong><\/p>\n\n\n\n As preventive measure\nagainst COVID-19, these companies may hold their AGM within a period of nine\nmonths from the closure of FY i.e.by September 30, 2020\nand the same shall not be viewed as a violation.<\/p>\n\n\n\n [Source: MCA Circular dated April 21, 2020]<\/p>\n\n\n\n Extension in the validity of reserved names and resubmission of forms <\/strong><\/p>\n\n\n\n Validity\nof reserved names in case of proposed Companies\/LLP\u2019s and existing\ncompanies\/LLP\u2019s (in case of name change) expiring during March 15, 2020 to May\n03, 2020 would be extended by 20 days beyond May 03, 2020. Also, those SRNs\nwhere last date of resubmission falls between March 15, 2020 to May 03, 2020,\nadditional 15 days beyond May 03, 2020 would be allowed for resubmission.\nHowever, for SRNs already marked under not to be taken on record, extension\nwould be provided on case to case basis.<\/p>\n\n\n\n [Source: MCA Notification dated April 22, 2020]<\/p>\n\n\n\n Further Extension of time limit for Independent Director Registration in\nthe IICA Databank <\/strong><\/p>\n\n\n\n For\nthe registration of existing Independent Directors in the IICA databank the due\ndate has been further extended for two months i.e. June 30, 2020 (7 months from\nthe earlier notification).<\/p>\n\n\n\n [Source: Companies (Appointment and Qualification of Directors)\nAmendment Rules, 2020]<\/p>\n\n\n\n Further Extension in the last date for filing of form NFRA-2 <\/strong><\/p>\n\n\n\n The\ntime limit for filing of form NFRA-2, for the reporting period Financial Year\n18-19, will be 210 days from the date of deployment of this form on the website\nof National Financial Reporting Authority.<\/p>\n\n\n\n [Source: MCA Circular dated 30.04.2020]<\/p>\n\n\n\n RBI Updates<\/strong><\/p>\n\n\n\n 100% foreign direct investment allowed under automatic route for insurance\nIntermediaries <\/strong><\/p>\n\n\n\n Key\nhighlights of the amendments are as follows: 100% FDI under automatic\nroute is allowed to intermediaries or insurance\nintermediaries, insurance brokers, reinsurance brokers, insurance consultants,\ncorporate agents, TPA, surveyors and loss assessors and other entities as\nnotified by IRDAI. FDI upto(49%) of the total paid-up\nequity of the Indian insurance company shall be allowed on the automatic route\nsubject to verification by the IRDAI andother\nconditions as specified in the amended rules.<\/p>\n\n\n\n [Source: Foreign Exchange Management (Non Debt Instrument) (Second\nAmendment) Rules, 2020]<\/p>\n\n\n\n DIPP<\/strong><\/p>\n\n\n\n Review of FDI policy for curbing opportunistic takeovers\/acquisitions of\nIndian companies due to the current COVID-19 pandemic <\/strong><\/p>\n\n\n\n Government of India has\nrevised the FDI policy, where a non-resident entity or the beneficial owner of\nan investment, situated in or is a citizen of a country, which shares a land\nborder with India can invest in India only under the approval route. Further,\nany transfer of ownership of any existing or future FDI to such person(s) as\nmentioned above will also require government approval.<\/p>\n\n\n\n [Source: DIPP Press Note 3 dated April 17, 2020]<\/p>\n\n\n\n IBBI <\/strong><\/p>\n\n\n\n Exclusion of period of lockdown for timelines imposed under IBBI\nRegulations <\/strong><\/p>\n\n\n\n IBBI has inserted a regulation 47A for\nExclusion of period of lockdown, in which the period of lockdown imposed by CG\ndue to COVID-19 outbreak shall not be counted for the purposes of\ncomputation of the outline for any task that could not be completed due to such\nlockdown in relation to any liquidation process.<\/p>\n\n\n\n [Source: IBBI Notification dated April 17, 2020]<\/p>\n","protected":false},"excerpt":{"rendered":" In view of the situation emerging out of the outbreak of COVID-19, which requires adherence of social distancing norms, the stakeholders have pointed about various difficulties MCA after considering this fact granted certain relaxation few of them are briefed as under. Relaxation for holding Extraordinary General Meeting (EGM) through Video Conferencing (VC) or other Audio-Visual means (OAVM) Due to the […]<\/p>\n","protected":false},"author":3,"featured_media":112,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[26,14],"tags":[13,24,27],"class_list":["post-106","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-legal","category-general","tag-covid-19","tag-csr","tag-ministry-of-corporate-affairs"],"yoast_head":"\n