1. No additional fee: No Additional Fee shall be charged for late filing during a moratorium period from 01st April to 30th September 2020, in respect of any document, return, statement etc., required to be filed in the MCA-21 Registry. (MCA may come with one more clarification on this).
2. Board Meeting Gap : As a one time relaxation the gap between Two consecutive meetings of the Board may extend to 180 days till the next 2 quarters (I,e till 30th Sep, 20) instead of 120 days as required in the Companies Act, 2013.
3. The Companies (Auditor’s Report) Order,2020 shall be made applicable from the financial year 2020-2021 instead of being applicable from the FY 2019-2020 notified earlier.
4. Meeting of Independent Directors (ID’s) : For the financial year 2019-20, if the ID’s of a company have not been able to hold there meeting, the same shall not be viewed as a violation. The lDs, however, may share their views amongst themselves through telephone or e-mail or any other mode of communication, if they deem it to be necessary.
5. Deposit Reserve: Requirement under section 73(2)(c) of Companies Act, 2013. to create the deposit repayment reserve of 20% of deposits maturing during the financial year 2020-21 before 30th April 2020 shall be allowed to be complied with till 30th June 2020.
6. Debenture Reserve: Requirement under rule 18 of the Companies (Share Capital & Debentures)Rules, 2014 to invest or deposit at least 15% of amount of debentures maturing in specified methods of investments or deposits before 30th April 2020, may be complied with till 30th June 2020.
7. File Form INC – 20: A Newly incorporated companies are required to file a declaration for Commencement of Business within ‘180 days of incorporation under section 10A of the Companies Act, 2013. An additional period of 180 more days is allowed for this compliance. (I.e. within 360 days)
8. Resident Director: 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.