RELAXATIONS UNDER COMPANIES ACT, 2013- COVID-19 PANDEMIC
Due to resurgence of Covid- 19 pandemic and after considering requests received from Stakeholders Ministry of Corporate Affairs (‘MCA’) has decided to provide various relaxations to Companies and Limited Liability Partnerships. Below are few relaxations that has been provided by MCA:
1. RELAXATION ON LEVY OF ADDITIONAL FEES IN FILING OF CERTAIN FORMS UNDER THE COMPANIES ACT, 2013 AND LLP ACT, 2008
Ministry of Corporate Affairs (‘MCA’) pursuant to General Circular No. 06/2021 dated 3rd May, 2021 decided to provide relaxation to Companies and Limited Liability Partnerships by enabling them to file belated returns/forms (Except Charge Related Forms) that would be due for filing during 1st April, 2021 to 31st May, 2021 on MCA 21 electronic registry without charging any additional fees on account of any delay till 31st July, 2021 and only normal fees shall be payable.
For Example: Annual Return of LLP is to be filed in Form 11 within sixty days from the closure of financial year, therefore the due date for filing the said form is 30th May, 2021. In this case Form 11 can be filed upto 31st July, 2021 without any additional fees.
1. Form CHG-1: Application for Creation, modification of charge,
2. Form CHG-4: Particulars for satisfaction of charge and
3. Form CHG-9: Registration of creation or modification of charge for debentures or rectification of particulars filed in respect of creation or modification of charge for debentures.
GAP BETWEEN TWO BOARD MEETINGS UNDER SECTION 173 OF COMPANIES ACT, 2013
In order to understand this relaxation, we must go through section 173 of Companies Act, 2013 which talks about how meetings of Board of Directors should be conducted, gap between two Board meetings, Notice of Board meetings etc.
EXTRACT OF SECTION 173(1)
“As per section 173(1) of Companies Act, 2013 every company shall hold the first meeting of the Board of Directors within thirty days of the date of its incorporation and thereafter hold a minimum number of four meetings of its Board of Directors every year in such a manner that not more than one hundred and twenty days shall intervene between two consecutive meetings of the Board.”
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