PDH Chamber Of Commerce And Industry requested Finance Minister, Smt. Nirmala Sitharaman to extend the time period regarding Legal and Statutory compliances in the second wave of Covid 19. Full text of their representation is as follows:-

PDH CHAMBER OF COMMERCE AND INDUSTRY

Sanjay Aggarwal
President

Comm -14
22nd April 2021

Respected Smt. Nirmala Sitharaman Ji,

Request to extend the time period regarding compliances in the second wave of Covid 19

The current COVID situation has major economic consequences across the globe and every country is being affected by it. Small businesses are vital to the economy of the nation whether there is a pandemic across India or any other country. In fact, 94 percent of the Fortune 1000 are already seeing COVID-19 disruptions.

The last financial year 2020-21 started with the whole country being under one of the strictest lockdowns, but at that time few would have thought that April 2021 would be worse in terms of Covid cases than April 2020. With cases rising continuously and rapidly the pandemic appears to be bigger threat now than it did during the first wave. States are following mini lockdown and subsequent restrictions to curb the situation. However, the same is causing difficulties for Corporates to comply with the necessary timelines which is required to be followed by them. The relaxation in timelines as was allowed during the last year is necessitated at this time as the offices are operating with limited staff and to facilitate consolidation of listed subsidiaries.

Upon careful perusal of the raised concerns from industry and stakeholders, PHDCCI hereby requests for necessary extension of timelines by at least 90 days from the due date as mentioned below especially for compliances requiring certification by external agencies. The relaxations will enable companies to avoid penalties on account of unavoidable delay in meeting their regulatory compliances.

1. The extension for filling Form MSME 1 related to supplies of good and payment shall be granted as the last date to file is 30th April, 2021

2. The extension for filling Form 11 by LLPs related to annual return be granted as the last date to file is 30th May, 2021.

3. The extension for filling Form PAS 6 to be filed by unlisted public company for reconciliation of share capital audit report shall be granted as the last date to file is 30th May, 2021

4. The relaxation in the timelines for all shareholder communications such as payment (dispatch of warrant etc) shall be granted as Registrar and Transfer Agents (RTAs) are working with limited resources.

5. Relaxation in formalities for transfer of Shares to IEPF- Reminder letters to Shareholders, advertisements required to be published under the Companies Act, like for transfer of Shares to IEPF. This is generally done in May every year.

6. The companies should be provided with the flexibility of holding a board meeting having a gap between two consecutive board meetings be extended to 180 days.

7. The requirement to hold a separate meeting of IDs once in a year be dispensed with and they shall be allowed to discuss the matters as per schedule 4 of the Companies Act, 2013 between themselves by telephone, e-mail or other agreed means of communication. Also, IDs are not involved in day to day activity hence they should not be liable for any type of criminal liability.

8. Extension for filling Form FC-4 related to Annual Return of Foreign Co. and Form CHG­1/9 related to creation / modification of charges created on assets of the Company.

9. As a special measure due to outbreak of COVID-19 pandemic, the residency clause relaxed by the MCA last year i.e if a director of a Company doesn’t reside in India for more than 182 days, it shall not be considered as violation of Section 149 of Companies Act, 2013. Considering the rationale of doing business without physical presence and geographical locations, the minimum residency requirement be dispensed with.

10. The extension for filing Form DPT-3 for exempted deposits should be granted.

11. Extension for time for compliance with provisions of Section 135(6) of the Companies Act, 2013 i.e., transfer of Unspent Amount of CSR on ‘ONGOING PROJECTS’ to Unspent Corporate Social Responsibility Account, the last date of which is 30th April 2021 for FY 2020-21.

12. Timeline to submit annual financial results by listed companies within 60 days from end of financial year – Regulation 33(3)(d) of SEBI LODR

13. Compliance Certificate (Half Yearly) by 30 April – Regulation 7(3) of the LODR

14. Secretarial Compliance Report (Yearly) by 30 May – Regulation 24A of the LODR

15. Certificate from Practicing Company Secretary by 30 April – Regulation 40(9) of the LODR

16. Timeline to hold AGM by top 100 companies by market capitalization within five months from end of financial year – Regulation 44(5) of SEBI LODR

17. Financial Results (Quarterly) by May 15 – Regulation 33 of the LODR

18. Financial results of entities having listed non-convertible debentures (NCDs) / non-convertible redeemable preference shares (NCRPSs) by 15 May- Regulations 52(1) and (2) of the LODR and Filing of Reconciliation of Share Capital Audit Report with stock exchange(s) as per Regulation 76 of SEBI DP Regulation

19. Extension of time for holding Board Meeting for March’21 quarter under LODR Regulations.

20. Closely held company with no outside shareholders and no investment other than promoters, is same as Pvt. Ltd. company. Hence provision of Closely held company and Pvt. Ltd. Company should be same.

We hope our suggestions will be considered in best interests of the industry and ease of doing business provisions for Indian Corporate Sector.

With best regards,

Yours sincerely,
(Sanjay Aggarwal)

Smt Nirmala Sitharaman
Hon’ble Minister of Finance & Corporate Affairs
Government of India

Download Request to extend the time period regarding compliances in the second wave of Covid 19

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3 Comments

  1. L.Santhana Raman says:

    Humble request to professionals and various professional bodies. Pl. don’t post for any extension.
    It is the various chambers of commerce and industry, trade etc. who are the real stakeholders. It is upto them to initiate any request for extension. But, seldom done. Who is bearing and paying penalty and late fees. Everytime, we professionals beg for extension and receive the wrath of the Govt. and various govt. agencies, as if it is for our good. What do we gain. Everytime it gets extended, we get the details closer to the D-date only. Pl. think over and refrain.

  2. R RAMESH M.COM BBA GSTP says:

    Respected Sir /Madam,

    Relief COVID-19-2

    Request To All # – Government of India – Ministry of Finance -GST Council – #GSTAmnestySchemewithITC and Removal of GST-4 Annual Return 2019-20 CD

    Kindly Extend All the GST Returns, IT, MCA. More than 205 Days Waiting.

    Waiver All the GST Late Fees.

    Save All.

    GST Portal , GST Netwok Failure

    More Indifference Between Income Tax and GST

    Income Tax Penalty Rs.1000/-

    GST Late Fees Transaction Dealers Above Rs.100000/-

    Nil Return Dealers ( No Business ) Above Rs.50000/-

    SAVE All India Tax Payers, Tax Professionals, GSTPs.

    #GSTAmnestySchemewithITC

    Extend All.

    GST Tax Rs.1000/- GST Late Fees Rs.100000/-

    Without Business GST Late Fees Rs.50000/-

    How to Possible Continue Small Traders, Small Tax Professionals Survival ….

    Ground Level Problems and All the Genuine Tax Payers and Genuine Tax Professionals Only Affected…

    Respected Sir/Madam,

    Every Month More than 1 Lakhs Tax Professionals, GSTPs, Efficiently Workings More Lakhs of Crores GST Revenues Collected.

    After 2017 To 2021

    Govt of India Without Support All India Tax Professionals, Tax Payers, MSMEs.

    Our Profession, Life ??? Family ???

    Relief COVID-19 1& 2

    Reopen – Cancelled GSTIN.

    Request To All # – Government of India -Ministry of Finance – GST Council -Kindly Extend All the GST Returns, IT, MCA upto Six (6) Months.. Removal of GST-4 Annual Return 2019-20. #GstAmnestyWithITC

    Waiver All GST Late Fees.

    Kindly Issue GSTPs Certificate (Goods and Services Tax Practitioners) in GST Portal. Kindly Allow EVC Facilities in the GSTPs Login. All Over India All the GSTPs Certificates Not Issued, Waiting For 3 Years.

    GST Council Meeting…

    Kindly Relief GST Late Fees

    Kind Attention CBIC – Relief Covid-19 1 & 2.

    India – After GST – 2017

    All Our Freedom and Holidays , Festival Days, Destroyed by GST Portal, CBIC.

    CBIC Fixed Due Dates on Sunday Holidays and Festival Holidays. Rigid Approach. All the Employees Not Available, Banks Closed, Shops Closed.

    How To Filing ???

    Relief COVID-19 1 & 2..

    All Over India All the Tax Professionals, All the GSTPs, National Federation of Tax Practitioners, and All the States Federation of Tax Practitioners, Trade Associations Representation to Government of India – Ministry of Finance – GST Council – CBIC.

    19-04-2021 Monday Rediffmail Email OTP Not Received. All the GST Filing Return Pending. Due to GST Network and GST Portal Failure

    Kindly Solve the Problems.

    After 2017 To 2021 GST Portal and GST Network Server Problems Continued.

    All Over India All Tax Professionals, GSTPs, Faced Problems.

    Government of India – Ministry of Finance – CBIC -GST – 2019 Gaja Cyclone, Nivar Cyclone, Covid-19, 6 Months

    Already More Losses, More Problems.

    Kindly Waiver All GST Late Fees.

    More Holidays, Bank Holidays April 21.

    02.04.2021 Good Friday
    06-04-2021 Election 2021
    10-04-21 2nd Saturday
    11-04-21 Sunday Holiday
    13-04-21 Telegu New Year
    14-04-21 Tamil New Year
    24-04-21 4th Saturday
    25-04-21 Sunday Holiday 2021

    Request To All # – Distance – and Extension GST – Relief Covid-19.

    GST, GST Portal and GST Filing Returns and Reconciliation Very Complicated.and
    More Dangerous. Future GST Return Filing ???

    Tax Profession ???

    All India Tax Professionals ???

    Every Day Changes … Dangerous…

    Relief COVID-19….

    All are Human Being. Pray to God -Save People. Save Tax Professionals, GSTPs, Tax Payers, MSMEs.

    One Nation One Tax More Forms More GST Late Fees.
    Destroyed Tax Professionals, Tax Payers

    Tamilnadu State and Other States Unique Identification.
    Culture, Language, Business, Standard of Living, Architecture, Temples. People, Etc

    GST Portal, GST Network 2017 To 2021 More Server Problems, OOPs, E-Payment Problems.

    Relief Covid-19

    All Over India All GSTPs, Tax Professionals, Tax Payers, MSMEs Faced Financial Problems, Difficulties.

    More GST Late Fees.

    Kindly Extend All the GST Returns..

    GST Portal and GST Network 2017 To 2021 Continuous Server Problems, OOPs, Without User Friendly.

    More GST Late Fees. Without Satisfaction.

    Kindly Change GST Portal and GST Network
    More Pressure, Health Problems For All India Tax Professionals, GSTPs. Tax Payers.

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    Without Extension…..

    All the Small Traders ??? and Tax Professionals ??? MSMEs ???

    Tax Profession ???

    Save Indian Tax Profession…

    Waiver All the GST Late Fees and Other Late Fees…

    Kindly Extend All…

    GST New Registration Entry Free. GST Cancellation Exit GSTR -10 Final Return GST Late Fees Rs.10000/- (CGST Rs.5000/- + SGST Rs.5000/- )

    Kindly Waiver All GST Late Fees.

    Thanking You

    Yours Faithfully

    R Ramesh M.Com GSTP

    Date : 23-04-2021

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