Extension of timelines for various Company Law compliances under Companies Act, 2013

Keeping in view the practical difficulties being faced on account of Covid-19, MCA to facilitate Ease of doing business has granted following reliefs to Companies/LLPs by way of Circulars and Amendments to Rules dated 28.09.2020:

1. Extension of Companies Fresh Start Scheme, 2020 (CFSS): CFSS Scheme which was to end on 30.09.2020 Vide General Circular 12/2020 now stands extended up to 31.12.2020.

https://taxguru.in/company-law/companies-fresh-start-scheme-2020-extended-31-12-2020.html

Note: All pending/belated filings (except certain forms) on any given date could be filed till 31.12.2020 without any additional Fees. Further, the Companies could avail immunity from launching of prosecution or proceedings for imposing penalty on account of delay associated with belated filings by filing Form CFSS within 6 months from closure of the Scheme.

2. Extension of time- LLP Settlement Scheme, 2020: Scheme which was valid upto 13.06.2020 later got extended up to 30.09.2020 vide General Circular 13/2020 now stands further extended up to 31.12.2020.

https://taxguru.in/company-law/llp-settlement-scheme-2020-extended-31-12-2020.html

Note: All pending/belated filings on any given date could be filed till 31.12.2020 without any additional Fees. Further, the LLPs could avail immunity from launching of Prosecution or proceedings for imposing penalty on account of delay associated with belated filings by filing pending filings by 31.12.2020.

3. Relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013– Scheme which was to end on 30.09.2020 vide General Circular 23/2020 now stands extended up to 31.12.2020; And dates in earlier circular No. 23/2020 which referred to 30.09.2020 and 01.10.2020 shall be replaced with 31.12.2020 and 01.01.2021 respectively.

https://taxguru.in/company-law/relaxation-filing-charge-related-forms-extended-31-12-2020.html

Note: The period beginning from 01.03.2020 and ending on 31.12.2020 shall not be reckoned (i.e., shall be excluded), for the purpose of counting the No. of days under Sec. 77 and Sec. 78 for filing Form CHG-1/CHG-9 relating to creation or modification of charges.

4. Extension of time for EGM through Video Conference (VC) or Other Audio Visual Means (OAVM) or transact items through postal ballot without convening general meeting – Scheme which was to end on 30.09.2020 vide General Circular(s) 14/2020; 17/2020 and 22/2020 respectively now stand extended up to 31.12.2020.

https://taxguru.in/company-law/time-conducting-egms-vc-oavm-extended-31-12-2020.html

Note: Video Conference (VC) and Other Audio Visual Means (OAVM) Facility was allowed only for Board Meetings as per Companies Act, 2013; The MCA has allowed Companies to Conducted their EGMs through VC/OAVM Means till 31.12.2020.

 5. Extension of time for Board Meetings through Video Conference (VC) or Other Audio Visual Means (OAVM) for all items of business- Period which was to end on 30.09.2020 vide Companies (Meetings of Board and its Powers) Second Amendment Rules, 2020 dated 23rd June 2020 now stands extended up to 31.12.2020.

https://taxguru.in/company-law/companies-meetings-board-powers-third-amendment-rules-2020.html

Note: Video Conference (VC) or Other Audio Visual Means (OAVM) in Board Meetings was restricted for certain items to be dealt at Board Meeting unless Physical Quorum was Present, The same has been relaxed and all items to be dealt at Board Meetings could be conducted through VC/OAVM without the Presence of Physical Quorum till 31.12.2020.

 6. Extension of time for Independent Directors to register themselves on the databank maintained by the IICA- period which was to end on 30.09.2020 vide The Companies (Appointment and Qualification of Directors) Third Amendment Rules, 2020 dated 23.06.2020 now stands extended up to 31.12.2020.

https://taxguru.in/company-law/companies-appointment-qualification-directors-fourth-amendment-rules-2020.html

Note: Every individual 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 thirteen months (i.e., till 31.12.2020) from such commencement (i.e., commenced on 01.12.2019) shall have to apply online to the institute for inclusion of his name in the data bank maintained by the IICA to continue to hold the office of an independent director in any company.

Disclaimer: The above views are the personal views of the author and the Readers are requested to exercise their due diligence before taking action.