Statutory Updates 14.04.2020

MCA

1. MCA HAS ISSUED CIRCULAR NO 17/2020 FOR FURTHER CLARIFICATION ON PASSING OF ORDINARY AND SPECIAL RESOLUTIONS BY COMPANIES UNDER THE COMPANIES ACT, 2013 AND RULES MADE THEREUNDER ON ACCOUNT OF THE THREAT POSED BY COVID-19.

The Ministry to clarify on certain issues in framework, which was given in Circular 14/2020 dated 8^th April, 2020, has issued this circular. As per current scenario, it would be difficult to issue notices and any other communication by post. Thus, the Ministry after reviewing has clarified that the Companies as bifurcated in Circular 14/2020 may issue notice of general meeting by sending emails and/or with the depository participant/depository.

I will share details of this circular in a separate article.

2. MCA HAS ISSUED FAQS ON ELIGIBILITY OF CSR EXPENDITURE RELATED TO COVID-19 ACTIVITIES VIDE CIRCULAR NO 15/2020

3. MCA HAS ISSUED CLARIFICATION ON FILING UNDER SECTION 124 AND 125 OF THE COMPANIES ACT, 2013 R/W IEPFA (ACCOUNTING, AUDIT, TRANSFER AND REFUND) RULES 2016 VIDE CIRCULAR NO 16/2020

Ministry has clarified that Ministry has already issued relaxation through circular no 11/2020 dated 24th March, 2020 to file any form with out any additional fees on MCA-21 registry, thus filings relating to e-forms IEPF (IEPF 1, IEPF 1A, IEPF 2, IEPF 3, IEPF 4, IEPF 7) and e-verification of claims under IEPF 5 are also relaxed.

SEBI

1. SEBI HAS ISSUED CIRCULAR TO PROVIDE RELAXATION IN ADHERENCE TO PRESCRIBED TIMELINES DUE TO COVID 19

SEBI has extended the timelines for processing of various investor requests pertaining to physical securities and Compliance and disclosures to be made under SEBI Regulations and various SEBI circulars. Relaxation is hereby being given to intermediaries / market participants for equivalent period of lock down declared by Government of India i.e. 21 days, over and above the prescribed time limits, respectively, for activities / investor requests / compliance as per the annexure. If government increase locked down period then such relaxation shall also be extended up to the equal number of days as extended locked down period.

Regards

CS Shivam Rastogi

Immediate Past Chairman,

Noida Chapter of NIRC of the ICSI

Managing Partner,

SVR & Co. - Company Secretaries

+91 7827984434 | csshivam@svrcindia.com

www.csshivamrastogi.com