Article consolidates Recent Circulars issued by MCA during Lockdown period i.e. Circular No. 11/2020 to Circular No. 18/2020. These Circulars were issued to Provide relief from Compliance which are falling during the Lockdown period-
|S. No.||Circular / Notification No||Date||Details of Notification||Clarification|
|1||Circular No. 18/2020||21-Apr-20||Holding of AGM by Companies whose FY (other than first FY) has ended on 31st Dec, 2019 can Hold their AGM for such FY within period of 9 months i.e, 30th Sep, 2020|
|2||Circular No. 17/2020||13-Apr-20||Clarification on Passing of Ordinary and Special Resolutions by companies under Companies Act, 2013 and rules framed there under on account of the threat posed by covid-19||Reference to Ministry Circular No.14/2020 dated 08th April, 2020 – Clarification with respect to (i) Manner and mode of issue of notice to the members before conveying the General Meeting. (ii) Manner and mode of issue of notice – For Company which are not required to provide the facility of e-voting under the Act. (iii) Requirement for voting by show of hands (iv) Passing certain items only through postal ballot without conveying General Meeting.|
|3||Circular No. 16/2020||13-Apr-20||Filings under section 124 and section 125 of the Companies Act 2013 r/w IEPFA (Accounting, Audit, Transfer and Refund) Rules 2016 in view of emerging situation due to outbreak of Covid -19||In so far filing of various other IEF e-form (IEPF-1, IEPF-1A, IEPF-2, IEPF-3, IFPF-4, IEPF-5, IEFP-7) allowed filing in MCA-21 registry without Additional Fees till 30th Sep, 2020.|
|4||Circular No. 15 /2020||10-Apr-20||COVID-19 related Frequently Asked Questions (FAQs) on Corporate Social Responsibility (CSR)||1. Whether contribution made to ‘PM CARES Fund’ – YES 2. Whether contribution made to ‘Chief Minister’s Relief Funds’ or ‘State Relief Fund for COVID-19’ – NO 3. Contribution made to State Disaster Management Authority – YES 4. Spending of CSR Funds for COVID-19 related activities – YES 5. Payment of salary/wages to employees and workers, including contract labour, during the lockdown period -NO 6. Payment of exgratia to temporary /casual /daily wage workers – YES|
|5||Circular No. 14 /2020||08-Apr-20||Clarification on passing of Ordinary and Special resolutions by companies under the Companies Act, 2013 and rules framed there under on account of the threat posed by covid-19||EGM to be held through VC or OAVM by companies to Pass Ordinary and Special resolutions of urgent nature, requiring the approval of members, other than items of ordinary business or business where any person has right be heard, through mechanism of postal ballot /e-voting in accordance with the provisions of the Act and rules made thereunder without a general meeting, which requires physical presence of member at common venue. Given Procedure to be followed for EGM to be held on or before 30th June, 2020|
|6||Circular No. 13/2020||30-Mar-20||Modification to LLP Scheme 2020||Reference to circular No. 06/2020 dated 04th Mar, 2020 – The Defaulting LLP can avail this scheme for filing documents which have not been filed or registered in time on the payment fees as payable for filing such return. Provided No additional fee shall be payable for filing any belated documents under this scheme. The Defaulting LLP, which have filed their belated documents till 30th Sep, 2020 and made good of default, shall not be subjected to prosecution by Registrar for such defaults|
|7||Circular No. 12/2020||30-Mar-20||Companies Fresh Start Scheme, 2020 (CFSS-2020)||The Defaulting companies can avail this scheme for filing documents which have not been filed or registered in time on the payment fees as payable for filing such return. Provided No additional fee shall be payable for filing any belated documents under this scheme. The Defaulting companies, which has filed their belated documents till 30th Sep, 2020 and made good of of default, application for seeking immunity in respect of belated documents filed under scheme may be made electronically in Form CFSS-2020 Scheme Shall Not Apply to: 1. Co against which action for final notice for strike off name u/s 248 is already initiated. 2. Application filed by company for strike off name form register of companies. 3. Co which has amalgamated 4. Application already filed for obtaining dormat status u/s 455 of the Act. 5. vanishing companies 6. Other Forms such has (i) Form SH-7 (ii)Form CHG-1, CHG-4, CHG-8, and CHG-9)|
|8||Circular No. 11/2020||24-Mar-20||Special Measures under Companies Act, 2013 & LLP Act||(i) No Additional Fee shall be charged for late filing during a moratorium period from 01st April to 30th September 2020.
(ii) Gap Between to BM: Board may extend to 180 days till the next 2 quarters (I,e till 30th Sep, 20) instead of 120 days.
(iii) Companies (Auditor’s Report) Order,2020 shall be made applicable from the financial year 2020-2021 (iv) For the financial year 2019-20, if the Independent Directors of a company have not been able to hold there meeting, the same shall not be viewed as a violation. (v) Deposit Reserve and Debentures maturing during the financial year 2020-21 before 30th April 2020 shall be allowed to be complied with till 30th June 2020.
(vi) A Newly incorporated companies are required to file a declaration for Commencement of Business within ‘180 days can file the same within 360 days from date of incorporation.
(vii) Non-compliance of Minimum Residency in India for a period of at least 182 days by at least one director of every company, under Section 149 of the CA-1 3 shall not be treated as a non-compliance for the financial year 2019-20.
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