MCA
MCA has notified the Companies (Meetings of Board and its Powers) Amendment Rules, 2020 which shall come into force on the date of their publication in the Official Gazette i.e 19-03-2020. Considering the need to take precautionary steps to overcome the outbreak of the coronavirus (Covid-19), the MCA has relaxed the requirement of holding Board meetings with the physical presence of directors under section 173(2) r/w Rule 4 of the Companies (Meetings of Board and its Powers) Rules, 2014 for approval of the annual financial statements, the Board’s report, etc. Such meetings may till 30th June, 2020 be held through video conferencing or other audio visual means by duly ensuring compliance of Rule 3 of the said rules.
SEBI
SEBI relaxes compliance of certain provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 due to the CoVID -19 virus pandemic. To provide relief to companies, amidst the spread of Covid-19, SEBI has extended the time period for mandatory filing of quarterly and annual financial results for listed entities. SEBI has given companies 45 more days to file financial results for the quarter ending March 2020 and 30 more days for filing the results for the financial year 2019-20. Under the new provision, companies can now declare both annual and quarterly results by June 30. SEBI also has relaxed norms with regard to compliance certificate on share transfer by relaxing it for a month on half-yearly compliance certificates. Another relaxation is for three weeks for companies in resolving investor complaints, relaxation of one month in the submission of the annual compliance report, and one-month relaxation for filing quarterly corporate governance report.
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