RECENT MCA UPDATES

Due to the unprecedented situation of COVID-19 second wave in nation it has become both challenging and difficult for the corporates to comply with the compliances. As a result of many representation and request by the stakeholders the Govt. has decided to provide certain relaxations as on 03.05.2021 which are as follows:

1. Extension of Gap between Two Board Meetings.

As per the Section 173 of the Companies Act, 2013 every company (except certain class of Companies) shall   hold a minimum number of four meetings of its Board of Directors every year in such a manner that not more than 120 days shall intervene between two consecutive meetings of the Board. Due to the pandemic many companies are unable to conduct their board meeting on time provided in law.

The time limit of 120 days has been extended by 60 days for the first 2 quarters of the Financial Year 2021-22. Therefore the gap between the two consecutive board meetings may extend to 180 days during the quarter, April to June and July to August.

Accordingly we can conclude that if the gap of 120 days ends on any date falling under the quarter April to June and July to August then the gap of 180 days shall be considered instead of 120 days.

E.g.: If the 120 days ends on 31st May then the date shall be considered extended till 30th July.

2. Relaxation on Levy of Additional fees

Sl. No. FORM Purpose of Form Due Date Extended Due Date
1. MSME-1 Half Yearly return in respect of outstanding payment to MSME 30-04-2021 31-07-2021
2. FORM-11 Annual return of the LLP 30-05-2021 31-07-2021
3. PAS-6 Reconciliation of Share Capital Audit Report on a half-yearly basis 30-05-2021 31-07-2021
4. FC-4 Annual Return of Foreign Company 30-05-2021 31-07-2021

3. Relaxation of time for Charge Forms CHG-1 and CHG-9.

If the date of creation/modification of charge is before 01.04.2021 and date of filing the form falls between 01.04.2021 to 31.05.2021. Then in such case the days from 01.04.2021 to 31.05.2021 shall not be counted under section 77 and 78 of the Act. No additional fees shall levy if filed on or before 31.05.2021.

In case the forms are not filed within such period, the first day after 31.03.2021 shall be reckoned as 01.06.2021 for calculating the number of days under section 77 and 78 of the Act. The additional fees shall be calculated by counting days from 01.06.2021 plus the days due before 31.03.2021.

If the date of creation/modification of charge is between 01.04.2021 to 31.05.2021. Then in such case the days from 01.04.2021 to 31.05.2021 shall not be counted under section 77 and 78 of the Act the calculation shall start form 01.06.2021.

4. Non-Applicability  

  • The forms which are filed before 03.05.2021
  • The timeline under section 77 and 78 has been expired before 01.04.2021.
  • Satisfaction of Charge CHG-4.

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