MCA relaxes compliance for Board meetings & Filing of certain forms

MCA Relaxation due to Covid Pandemic as on 03.05.2021: In respect of Number of Board meetings and Filing of certain forms

1. Section 173: Number of Board Meetings

Before Relaxation–

• Every company shall hold a minimum number of four meetings of its Board of Directors every year; and
• gap between two consecutive board meetings shall not exceed 120 days.

After Relaxation –

• Every company shall hold a minimum number of four meetings of its Board of Directors every year; and
• Gap between two consecutive board meetings may extend to 180 days for quarter 1 i.e., April to June and quarter 2 i.e., July to September of financial year 2020-21.

Source: https://taxguru.in/company-law/mca-allows-gap-180-days-two-board-meetings.html

2. Relaxation on levy of additional fees in filing of certain forms under Companies Act, 2013 and Limited Liability Partnership Act, 2008:

• No additional fees shall be levied for delay in filing of forms due for filing during 1^st April 2021 to 31^st May 2021 upto 31^st July, 2021. In other words, only normal fees shall be levied.
• This relaxation shall not be applicable for-

1. Form CHG-1- Application for registration of creation, modification of charge (other than those related to debentures)

2. Form CHG-4- Particulars for satisfaction of charge thereof

• Form CHG-9- Application for registration of creation or modification of charge for debentures or rectification of particulars filed in respect of creation or modification of charge for debentures
• After 31st July, 2021, additional late fees shall be calculated from the due date of respective form.
• Following are the forms covered under the relaxation:

Special Note: Since the due date of filing of Form CFSS is 30^thJune 2021, it is not covered under the purview of relaxation.

Source: https://taxguru.in/company-law/additional-fee-certain-forms-companies-llp-relaxed.html

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