{"id":828,"date":"2020-03-30T14:40:20","date_gmt":"2020-03-30T14:40:20","guid":{"rendered":"https:\/\/ventureasy.com\/blog\/?p=828"},"modified":"2020-04-01T13:53:34","modified_gmt":"2020-04-01T13:53:34","slug":"covid-19-relief-measures-by-the-mca","status":"publish","type":"post","link":"https:\/\/ventureasy.com\/blog\/covid-19-relief-measures-by-the-mca\/","title":{"rendered":"COVID-19 Relief Measures by the MCA"},"content":{"rendered":"\n<p>The Ministry of Corporate Affairs has announced various COVID-19 relief measures in respect of compliances for businesses, amidst this global pandemic which is empowering the world. These measures definitely provide the much-needed support and reassurance to companies and LLP\u2019s, registered with the Ministry. The details are stated below:<\/p>\n\n\n\n<!--more-->\n\n\n\n<ul class=\"wp-block-list\"><li>No additional fees shall be charged for late filing during a moratorium period from 01st April, 2020 to 30th September, 2020, in respect of any document, return, statement etc., required to be filed in the MCA-21 Registry, irrespective of its due date, which will not only reduce the compliance burden, including financial burden of Companies\/LLP\u2019s at large, but also enable long standing non-compliant companies\/ LLPs to make a fresh start.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Non-compliance\nof minimum residency in India for a period of at least 182 days by at least one\ndirector of every company, under Section 149 of the Companies Act, 2013 shall\nnot be treated as non-compliance for the financial year 2019-20.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Newly\nincorporated companies are required to file a declaration for Commencement of\nBusiness within 180 days of incorporation under section 10A of the Companies\nAct, 2013. An additional period of 180 more days is allowed for this\ncompliance.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Requirement to create a Deposit 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.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Requirement\nto invest 15% of debentures maturing during a particular year in specified\ninstruments before 30th April 2020, may be done so before 30th June 2020.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>The\nIndependent Directors of the company are required to hold at least one meeting\nin a financial year, without the attendance of non-independent directors and\nmembers of management. For the financial year 2019-20, if the Independent\nDirectors of a company have not been able to hold such a meeting, the same\nshall not be viewed as violation. The Independent Directors, however, may share\ntheir views amongst themselves through telephone or e-mail or any other mode of\ncommunication, if they deem it to be necessary.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>The\nmandatory requirement of holding meetings of the Board of the companies within\nthe prescribed timeline of 120 days stands extended by a period of 60 days till\nnext two quarters i.e. till 30th September. Accordingly, as a one-time\nrelaxation the gap between two consecutive meetings of the Board may extend to\n180 days till the next two quarters, instead of 120 days as required in the\nCompanies Act, 2013.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>The\nCompanies (Auditor\u2019s Report) Order, 2020 shall be made applicable from\nfinancial year 2020-21, instead of being applicable from the financial year\n2019-20 as notified earlier. This will significantly ease the burden on\ncompanies &amp; their auditors for the financial year 2019-20.<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The Ministry of Corporate Affairs has announced various COVID-19 relief measures in respect of compliances for businesses, amidst this global pandemic which is empowering the world. These measures definitely provide the much-needed support and reassurance to companies and LLP\u2019s, registered with the Ministry. The details are stated below:<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,69],"tags":[],"class_list":["post-828","post","type-post","status-publish","format-standard","hentry","category-compliance","category-covid-19"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\r\n<title>COVID-19 Relief Measures by the MCA - VenturEasy<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/ventureasy.com\/blog\/covid-19-relief-measures-by-the-mca\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"COVID-19 Relief Measures by the MCA - VenturEasy\" \/>\r\n<meta property=\"og:description\" content=\"The Ministry of Corporate Affairs has announced various COVID-19 relief measures in respect of compliances for businesses, amidst this global pandemic which is empowering the world. 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