Legal Updates - Corporate Law Reporter

MCA provides clarification on Extension of Annual General Meeting (AGM) for the Financial Year ended on 31st March, 2020

MCA vide Circular dated 17th August, 2020 clarifies that the Companies which are unable to hold their AGM for the Financial Year ended on 31st March, 2020, despite availing the relaxations provided in the General Circular 20/2020 i.e. Relaxations in respect of holding of AGM through Video Conferencing(VC) or Other Audio Visual means (OAVM) shall… Read More

Ministry of MSME issues criteria of investment and turnover calculation for classification under new definition of MSME

Ministry of Micro, Small and Medium enterprises vide notification dated 26th June, 2020 notifies certain criteria for classifying the enterprises as micro, small and medium enterprises, manner of calculation of Investment and Turnover and specifies the form and procedure for filing the Udyam Registration with effect from the 1st day of July, 2020. The complete… Read More

SEBI further extends timelines for submission of Annual Secretarial Compliance Report

SEBI vide circular dated 25th June, 2020 further extends timelines in continuation to earlier circular dated 19th March, 2020 for submission of the Annual Secretarial Compliance (ASC) Report for Listed entities for the year 2019-2020 till 31st July, 2020 due to the continuing impact of the Covid-19 Pandemic. The complete circular is attached herewith: 1593084597220_Annual… Read More

SEBI further extends timelines for submission of financial results for the quarter/half year/financial year

SEBI vide Circular dated 24th June, 2020 further extends timelines in continuation to earlier circular dated 23rd March, 2020 for submission of financial results under following Regulations of LODR: Regulation 33- Submission of financial results for the quarter and the year ending 31st March 2020 till July 31, 2020 Regulation 52- Submission of half yearly… Read More

Extension of timelines for creation of Deposit Repayment Reserve and investment of 15% amount of maturing Debentures

MCA vide circular dated 19th June, 2020 further extends timelines in continuation to earlier circular 11/2020 dated 24th March, 2020 for the following compliances under Companies Act, 2013: Section 73(2)(c)- Requirement to create the Deposit Repayment Reserve of 20% of deposits maturing during the Financial Year 2020-21 before 30th April, 2020 has been further extended… Read More

MCA introduces scheme for relaxation of time for filing forms related to creation or modification of charges

MCA vide General Circular dated 17th June, 2020 has introduced Scheme for relaxation of time for filing forms related to creation or modification of charge i.e CHG-1 and CHG-9 under the Companies Act, 2013(the “Act”). The salient features of the scheme are as follows: Particular Category - I Category- II Applicability Date of creation and… Read More

MCA further extends timelines for Names Reserved and Resubmission of Forms

MCA vide “News and Important Updates” extends the timelines further for names reserved and resubmission of different forms of Companies and Limited Liability Partnerships falling between the period from 15th March, 2020 to 31st May, 2020. The extension provided are as follows: Companies: Filing of SPICe+ Part B after Name Reservation for new Company Incorporation- additional 20… Read More

MCA clarifies manner of dispatch of notice in case of Issue of Shares on Rights basis by Listed Companies

MCA vide circular dated 11th May, 2020 clarifies that inability to dispatch the notice by Listed Companies to their shareholders through registered post or speed post or courier would not be viewed as violation of section 62(2) of the Act provided that they comply with the Circular issued by SEBI on 6th May, 2020. Further,… Read More

MCA allows Companies to conduct Annual General Meeting through video conferencing or other audio visual means

MCA vide circular dated 5th May, 2020 clarified that Companies can hold Annual General Meeting (AGM) through video conferencing (VC) or other audio visual means (OAVM) during the calendar year 2020. The framework for issuing notices and conducting meeting provided in EGM Circulars shall be applicable mutatis mutandis for conducting the AGM. Further, other than… Read More

MCA extends timeline for inclusion of name in Data Bank of Independent Directors

MCA vide notification dated 29th April, 2020 extends the timeline for online application for inclusion of name of Directors in the data bank of Independent Directors. Every Director appointed as an Independent Director in a Company on the date of commencement of the Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2019 i.e. 1st… Read More

MCA extends timeline for holding of Annual General Meetings by Companies whose Financial Year has ended on 31st December, 2019

MCA vide circular dated 21st April, 2020 clarified that due to COVID Pandemic Outbreak related social distancing norms and consequential restrictions, the Companies whose Financial Year (other than first Financial Year) has ended on 31st December, 2019 can hold their AGM for such financial year within a period of 9 months from the closure of… Read More

MCA extends timelines for Names Reserved and Resubmission of Forms

MCA vide “News and Important Updates” extends the timelines for names reserved and resubmission of different forms of Companies and Limited Liability Partnerships falling between the period from 15th March, 2020 to 3rd May, 2020. The extension provided are as follows: Companies: Filing of SPICe+ Part B after Name Reservation for new Company Incorporation- additional… Read More

ICSI relaxes applicability of Secretarial Standards on Meetings

The Institute of Company Secretaries of India (ICSI) clarifies that any relaxation granted by the Ministry of Corporate Affairs (“MCA”) due to Covid-19 outbreak from the compliance of provisions of Board and General Meetings under the Companies Act, 2013 (“Act”) will automatically and consequentially apply to Secretarial Standards as the case may be and the relaxed… Read More