Clarifications,Relaxations and FAQs rolled out by MCA on account of COVID-19


Filing under section 124 and 125 of the Companies Act, 2013 read with IEPFA (Accounting, Audit, Transfer and Refund) Rules, 2016 

Taking into account the representations received from various stakeholders seeking relaxation in procedures related to transfer of money remaining unpaid or unclaimed for a period of seven years, the Ministry of Corporate Affairs has issued clarification. As per General Circular No. 16/2020 dated 13th April 2020, it has been clarified that, the Ministry has already allowed filing in MCA Registry without additional fees till 30th September, 2020. These relaxations apply to IEPF e-forms (IEPF-1, IEPF-1A, IEPF-2, IEPF-3, IEPF-4, IEPF-7) and e-verification of claims filed in e-form IEPF-5 as well.

 

The Circular is available at:http://www.mca.gov.in/Ministry/pdf/Circular16_13042020.pdf

 

Clarification on passing of ordinary and special resolutions by companies under the Companies Act, 2013 and rules made thereunder

In furtherance to its General Circular No. 14/2020 dated 8th April 2020, the Ministry of Corporate Affairs taking cognizance of the representations received has rolled out further clarifications in this regard.

The Ministry vide its General Circular No. 17/2020 dated 13th April 2020, has issued clarification regarding:

  1. Manner and mode of issue of notices to members before convening the general meeting
  2. Requirement for voting by show of hands
  3. Passing of certain items only through postal ballot without convening a general meeting
  4. Sending of e-mails by members, where a poll on any item is required for companies

The Circular is available at:http://www.mca.gov.in/Ministry/pdf/Circular17_13042020.pdf

 

Holding of AGMs by companies whose financial year has ended on 31stDecember, 2019

On account of the difficulties faced due to outbreak of COVID-19 and lockdown imposed subsequently, the MCA has clarified vide its General Circular No. 18/2020 dated 21stApril 2020that if the companies whose financial year (other than first financial year) has ended on 31st December, 2019, hold their AGM for such financial year within a period of nine months from the closure of the financial year (i.e. by 30th September, 2020), the same shall not be viewed as a violation.

 

The Circular is available at:http://www.mca.gov.in/Ministry/pdf/Circular18_21042020.pdf

 

FAQs on Companies Fresh Start Scheme (CFSS), 2020 and LLP Modified Settlement Scheme, 2020

Taking into account the representations received from various stakeholders seeking clarifications, a set of FAQs on Companies Fresh Start Scheme (CFSS), 2020 and LLP Modified Settlement Scheme, 2020 has been provided by the Ministry of Corporate Affairs for better understanding of the stakeholders.

 

The same are available at http://www.mca.gov.in/Ministry/pdf/FAQCFSS_15042020.pdf

 

Period/Days of Extension for Names Reserved and Resubmission of Forms

In view of the situation arising due to COVID-19 pandemic and extended lockdown period, the Ministry of Corporate Affairs has provided

Extension for names reserved and re-submission of forms. 

The same is available at: http://www.mca.gov.in/Ministry/pdf/Extension_22042020.pdf

 

This is for your information please.


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