Latest updates by the Ministry of Corporate Affairs on compliances due to COVID-19 are as follows:
- CARO 2020 will be effective from FY 2020-21
- Board meeting
The mandatory requirement of holding meetings of the Board of the companies within the prescribed interval provided in the CA, 2013 (120 days) shall be extended by a period of 60 days till the next two quarters i.e. till 30th September.
- Meeting of Independent Directors (ID)
For F.Y. 2019-20 non- holding of minimum 1 meeting of ID will not be treated as Non-Compliance.
- INC 20A
Newly incorporated companies are required to file a declaration for Commencement of Business within 6 months of incorporation. An additional time of 6 more months shall be allowed.
Debentures expiring till 30.04.2020 can be redeemed till 30.06.2020.
- Deposit Reserve
Deposit reserve required to be created by 30.04.2020 now shall be allowed to comply till 30.06.2020.
- Non –resident
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 Companies Act, shall not be treated as a violation.
- No additional fees
Moratorium will be issued from 01.04.2020 to 30.09.2020 no Additional fees for late filing shall be charged.