Corporate Compliance Calendar for the Month of December 2020 By CS Lalit Rajput


About Article

This article contains various Compliance requirements for the Month of December, 2020 under Statutory Laws. Compliance means “adhering to rules and regulations.” Compliance is a continuous process of following laws, policies, and regulations, rules to meet all the necessary governance requirements without any failure.

If you think compliance is expensive, try non? compliance”

Compliance Requirement Under

1. Income Tax Act, 1961

2. Goods & Services Tax Act, 2017 (GST) and Important Updates / Circulars

3. Companies Act, 2013 (MCA/ROC and LLP Compliance) and Notifications

4. Foreign Exchange Management Act, 1999 (FEMA) and Important Notifications

5. Other Statutory Laws and Updates

6. SEBI (Listing Obligations & Disclosure Requirements) (LODR) Regulations, 2015

7. SEBI Takeover Regulations 2011

8. SEBI (Prohibition of Insider Trading) Regulations, 2015

9. SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018

10. SEBI (Buyback of Securities) Regulations, 2018

11. Insolvency and Bankruptcy Board of India (IBBI) Updates

12. NCLT & NCLAT Updates

13. MSME Key Updates

1. Compliance requirement under Income Tax act, 1961

Sr. No.

Particulars

Period

Actual Due Date

Revised Due Date

1

??Due date for deposit of Tax deducted/collected for the month of November, 2020. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan

 

 

 

 

November, 2020

 

 

 

 

07th December, 2020

 

 

 

 

07th December, 2020 (No Change)

2

??Third instalment of advance tax for the assessment year 2021-22

AY 2021-22

15th December, 2020

15th December, 2020 (No Change)

3

Income Tax Return u/s 139 (In cases of assessee to whom TP Audit, Company Audit and Tax Audit is applicable)

AY 2020-21

31st October 2020/ 30th November 2020

31st January, 2021

4

Income Tax Return u/s 139 (Other than Sr. no. 2 above)

AY 2020-21

31st July, 2020

31st December, 2020

5

Self – Assessment (SA) Tax Liability. No interest chargeable under Section 234A, if the SA Tax liability is up-to INR 1 Lakh

AY 2020-21

On or Before 31st July 2020/ 31st October 2020

31st January, 2021
(In case of
assessees not
requiring any Audit, it is 31st December,
2020)

6

Filing of Tax Audit Report under section 44AB and TP Report under section 92E of the IT Act

AY 2020-21

30th September, 2020

31st December, 2020

7

Filing of Master file in Form 3CEAA-Part A and /or Part B

AY 2020-21

30th November 2020

No clarification
presumed to be 31st January, 2021*

8

Intimation for Master File – Form 3CEAB

AY 2020-21

31st October 2020

31st December, 2020*

9

Safe Harbour Rule – Form 3CEFA

AY 2020-21

30th November 2020

31st January, 2021*

10

Filing of Intimation in Form 3CEAC Country by Country Reporting

AY 2020-21

31st January 2021

No Change
31st January, 2021

11

Filing of Form 3CEAD Country by Country Reporting

AY 2020-21

31st March 2021

No Change 31st March, 2021

12

Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of November, 2020

 

 

November, 2020

 

 

30th December 2020

 

30th December 2020 (no change)

13

Linking of Aadhar with PAN

30th June 2020

No Change
31st March, 2021

14

Payment under Vivad se Vishwas Act, 2020

31st March 2020

As per Notification
dated 27 October
2020 31st March 2021*

15

Declaration to be filed before the designated authority under Vivad se Vishwas Act, 2020

 

31st March 2020

31st December 2020*

16

Return of income for the assessment year 2020-21 for all assessee other than (a) corporate-assessee or (b) non-corporate assessee (whose books of account are required to be audited) or (c) partner of a firm whose accounts are required to be audited or (d) an assessee who is required to furnish a report under section 92E.

 

 

 

 

AY 2020-21

 

 

 

 

31st December 2020

 

 

 

 

31st December 2020

 

 

 

 

 

 

 

17

Matters other than specifically provided:

a. Completion of any proceeding or passing of any order or issuance of any notice, intimation, notification, sanction or approval or such other action, by whatever name called, by any authority, commission or tribunal, by whatever name called, under the provisions of the specified Act; or

Filing of any appeal, reply or application or furnishing of any report, document, return, statement or such other record, by whatever name called, under the provisions of the

specified Act

 

 

 

 

 

 

Deadline falling between
20th March 2020 and 31st December 2020

 

 

 

 

 

 

No Change


31st March, 2021

18

Form 24Q, 26Q, 27Q, and 27EQ of Q1 and Q2

F/Y 2020-21           

 

31st March, 2021

19

Form 26QB, 26QC, and 26QD

April to November 2020   

 

31st March, 2021

 

 

 

20

In case where any due date for making payments towards any tax or levy under the specified Act falls between 20.3.2020 and 29.6.2020 and where such tax or levy has been paid on or before 30.6.2020, Interest would be levied at a reduced rate of 0.75% p.m. Further no penalties or prosecution shall be initiated in respect of such amount for the period of delay. No clarification on extension of date for the same is issued.

               

Note: ** The Ministry of Finance has issued a Notification No 85/2020 dated 27 October, 2020, under the Vivad se Vishwas Act, 2020, that in order to mitigate undue hardship and remove difficulty that may be caused by the requirement of payment within 15 days from date the date of receipt of certificate from designated authority, allows the declarant to make the payment without any additional amount till on or before 31st March, 2021. Further, the declaration can be filed by 31 December, 2020.

Important updates:

1. I-T department allows condonation of delay in filing audit reports by trusts, institutions

The Income Tax Department has allowed condonation of delay in filing audit reports by trusts, institutions, universities and hospitals who claim tax exemption. Any funds, trusts, institutions including educational and medical universities or hospitals claiming income tax exemption will have to get their accounts audited if their total income of that year exceeds the maximum amount not chargeable to tax.

Income tax law mandates that such institutes can claim tax benefits available to them only after furnishing the tax audit report in form 10BB before the prescribed time.

2. People opting for lower tax regime not eligible for LTC stimulus: Govt. 

People who opted for the lower tax regime provided in the Budget for 2020-21 are not eligible for the new incentive package through leave travel concession (LTC), said the finance ministry clarified on Thursday, 29th October, 2020.

The clarifications said non-central government employees will get tax exemption on cash allowance subject to a maximum of Rs 36,000 per person as deemed LTC fare. (Click here)

3. FM Sitharaman announces tax relief on some home deals; stimulus tops Rs 30 lakh cr

Finance Minister Nirmala Sitharaman on Thursday announced tax relief on select home sale deals, enhanced credit guarantee programme for small businesses and provide incentives for new job creation as the government widened stimulus measures to boost the economy.

The measures, that also include additional fertiliser subsidy and already announced production-linked inventive scheme for manufacturing units, totalled Rs 2.65 lakh crore, taking the cumulative stimulus package announced since the lockdown to almost Rs 30 lakh crore, or 15 per cent of the Gross Domestic Product (GDP). (to read more: Click here)

4. I-T Act change: Property sale at lower than circle rate to be exempt from tax

The government on Friday said it would amend the income-tax law to exempt real-estate developers and homebuyers from tax liability if the actual consideration for an asset is lower than the stamp duty value (circle rate) by not more than 20%.

The changes would be applicable only to primary sale of residential properties not exceeding Rs 2 crore in value. Without the relaxation, the developer selling the flat at a price lower than the circle rate would be liable to pay tax on profits calculated on the basis that the flat/home was sold at the circle rate.

Similarly, the buyer would be taxed on differential amount between the circle rate and the actual consideration under section 56(2)X — which is an anti-evasion provision and brings to tax consideration that deviates from fair market value.

5. Income Tax Return filing: Tax changes to keep in mind while filing ITR for AY 2020-21

The ITR filing due date for AY 2020-21 stands extended to 31 December 2020, and 31 January 2021 for tax audit cases. The ITR forms notified carry some significant changes such as in reporting requirements, tax deductions and changes introduced in Budget 2019. Taxpayers should bear in mind these changes while filing their ITR for AY 2020-21 (FY 2019-20).

The Budget 2019 introduced interchangeability of PAN and Aadhaar. An individual who does not have a PAN can quote Aadhaar number at various places in the ITR. For example, the ITRs enable quoting of Aadhaar in the case of a buyer of immovable property, a tenant while reporting income from house property, ITR filing by representative assessee etc.

The ITR also incorporates new criteria introduced for mandatorily filing of tax return even though the gross total income of the individual is below the basic exemption limit. The compulsory filing is applicable in case any of the below criteria are satisfied:

Deposited in one or more current account(s) an amount or aggregate of amounts exceeding Rs 1 crore during the FY 2019-20

Expenditure on travel to a foreign country incurred of an amount exceeding Rs 2 lakh in aggregate for self or any other person

Important Notifications – For the month of November - 2020:

Sl. No.

Particulars of the Notification(s)

File No. / Circular No.

Notification Link(s)

1.

Extension of due dates for filing Income-tax Returns and Tax Audit Reports under the Income-tax Act, 1961 for AY 2020-21

Notification No. 88/2020/ F. No. 370142/35 /2020-TPL

 

LINK

 

2.

Clarification in respect of the Direct Tax Vivad se Vishwas Act, 2020

Circular No. 18 / 2020

 

LINK

 

3.

sovereign wealth fund, namely, the MIC Redwood 1 RSC Limited, Abu Dhabi, United Arab Emirates

Notification No. 89/2020/ F. No. 370133 /16 / 2020-TPL

 

LINK

 

4.

the Equalisation levy (Amendment) Rules,2020

Notification No. 87/2020 / F. No. 370142/ 21/2020-TPL

 

LINK

 

 

5.

Condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No. 10BB for Assessment Year 2016-17 and subsequent years

Circular No. 19/2020

 

LINK

 

6.

Income Tax Department conducts searches in Tamil Nadu

Release ID: 1672235

 

LINK

7.

India has Moved from Tax-Terrorism to Tax-Transparency: Prime Minister

Release ID: 1671979

 

LINK

8.

Income Tax Department conducts searches at various locations in Uttar Pradesh

Release ID: 1674334

 

LINK

9.

Instruction sheets for filling of ITR-2,3,5,6 & 7 revised for better clarity

 

 

LINK

2. Compliance Requirement under GST, 2017

Keeping in view the preventive measures taken to contain the spread of Novel Coronavirus (COVID-19) and the difficulties being faced by the GST taxpayer, Ministry of Finance, Department of Revenue, Central Board of Indirect Taxes & Customs, has extended the various due date for Filing GST Returns without additional fee / penalty.

Filing of GSTR –3B

A. Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY

Tax period

Due Date

No interest payable till

Interest payable @ 9% from & till

Interest payable @ 18% from

November, 2020

20th December, 2020

-

-

-

B. Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group A)

Tax period

Due Date

No interest payable till

Interest payable @ 9% from & till

Interest payable @ 18% from

November, 2020

22nd  December, 2020

 

 

 

Group A States: Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Daman & Diu and Dadra & Nagar Haveli, Puducherry, Andaman and Nicobar Islands, Lakshadweep

C. Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group B)

Tax period

Due Date

No interest payable till

Interest payable @ 9% from & till

Interest payable @ 18% from

November, 2020

24th December, 2020

 

 

 

Group B States:  Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi

 D. Filing Form GSTR-1:

Tax period

Due Date

Remarks

 

October to December, 2020

Quarterly return

13.01.2021

Taxpayers having an aggregate turnover of Up to Rs. 1.50 Crores (< Rs 1.50 Cr) or opted to file Quarterly Return

Monthly return

(November, 2020)

11.12.2020

Taxpayers having an aggregate turnover of More than Rs. 1.50 Crores (> Rs 1.50 Cr) or opted to file Monthly Return

E. Compliances for Composition taxpayers

Form No.

Compliance Particulars

Due Date (New)

 

GST CMP-08

3rd Quarter – October to December,  2020    

18.01.2021

F. Non Resident Tax Payers, ISD, TDS & TCS Taxpayers

Form No.

Compliance Particulars

Timeline 

Due Date

GSTR-5 & 5A

Non-resident ODIAR services provider file Monthly GST Return           

20th of succeeding month           

20.12.2020

 

GSTR -6

Every Input Service Distributor (ISD)

 

13th of succeeding month

 

13.12.2020

 

GSTR -7

Return for Tax Deducted at source to be filed by Tax Deductor

 

10th of succeeding month

 

10.12.2020

 

GSTR -8

E-Commerce operator registered under GST liable to TCS

10th of succeeding month

10.12.2020


G. GST Annual Returns:

Form No.

Compliance Particulars

Due Date (New)

 

GSTR-9A (2018-19)

Annual return

31.12.2020

GSTR-9  (2018-19)

Taxpayers having an aggregate turnover of more than Rs. 2 Crores or opted to file Annual Return.

31.12.2020

GSTR-9C (2018-19)

Reconciliation Statement/ Audit Report for Taxpayers having a Turnover of more than Rs. 5 crores.

31.12.2020


G. GST Refund:

Form No.

Compliance Particulars

Due Date (New)

 

RFD -10

Refund of Tax to Certain Persons

18 Months after the end of quarter for which refund is to be claimed

Key UPDATE(s):

As per Rule 138E (a) & (b) of the CGST Rules, 2017, blocking of EWB generation will be started from 01.12.2020. Visit News and Update section for details.

1. Government to prepare a list of ‘risky’ companies created to evade GST

The government will use artificial intelligence (AI) and Aadhaar registration to segregate dubious firms purposely created for Goods and Services Tax (GST) evasion and put them under the “risky” category to closely monitor their activities, two finance ministry officials said. (Click here)

2. GST Compliance tightened: Buyers from big firms to show valid e-invoices for tax credit

Aiming to collect almost the same sum as taxes as last year, the revenue department is tightening compliance requirements related to e-invoicing. The buyers are required to ensure proper e-invoices are issued to them by listed large GST-registered businesses; in the absence of such e-invoices, the buyers could lose input tax credit. (Click here)

3. Firm busted for availing benefit from bogus invoices of around Rs 685 crore

On the basis of specific intelligence as well as further data mining/analysis on GSTN and E way bill portals, the officers of CGST Delhi South Commissionerate, have busted a syndicate of firms involved in availing invoices/E-way bills issued on the GSTIN of fake/dummy firms and getting Refund of IGST on the strength of such fake Invoices.

A case was booked against M/s. Baan Ganga Impex having their Principal Place of Business at L-10A, Ganga  Tower, Mahipalpur, New Delhi-110037 (GSTIN 07AAMFB0425A1Z4).

In total M/s Baan Ganga Impex has availed the invoices from the fake entities amounting to Rs. 685 crore (approx.) involving GST of Rs. 50 crore (approx.) and succeeded to get refund of Rs. 35 crores (approx). (To read more Click here)

5. Update on auto-population of e-invoice details into GSTR-1

1. Certain notified taxpayers have been preparing and issuing invoices by obtaining Invoice Reference Number (IRN) from Invoice Registration Portal (IRP) (commonly referred as ‘e-invoices’). Details from such e-invoices are be auto-populated in respective tables of GSTR-1. An update on the status of such auto-population was earlier published on 13/11/2020.  

2. Due to some unanticipated issues, there has been delay in auto-population of e-invoice details into GSTR-1.

Hence, such taxpayers who had reported e-invoices should not wait for auto-populated data and they are advised to proceed with preparation and filing of GSTR-1 for the months of November, 2020 (before the due date) and for October, 2020 (in case not yet filed, as on date).

3. The auto-population of e-invoice details pertaining to the period December, 2020 into GSTR-1 (in incremental manner on T+2 day basis) will start in the first week of December.

4. The details of e-invoices pertaining to periods of October and November, 2020, would be processed and made available in incremental manner from 13thDecember 2020 onwards. The processing and availability of complete data for the months of October and November, 2020 may take upto 2 weeks.

5. The detailed advisory with methodology of auto-population etc. is already made available on the GSTR-1 dashboard (‘e-invoice advisory’) and also e-mailed to relevant taxpayers.

6. It may also be noted that the auto-population of details from e-invoices into GSTR-1 is only a facility for the taxpayers. After viewing the auto-populated data, the taxpayer shall verify the propriety and accuracy of the amounts and other data in each field, especially from the perspective of GSTR-1 and file the same, in the light of relevant legal provisions.

7. Once the auto-population into GSTR-1 gets started, the taxpayers are requested to verify the documents present in the excel and may share feedback on GST Self Service Portal, on below aspects:

All documents reported to IRP are present in excel

Status of each e-invoice/IRN is correct

All the details of document are populated correctly

GST UPDATES from 01.11.2020 to 30.11.2020:

Sl. No.

 

Notification(s)

Notification No.

Link(s)

1.

 

Rajasthan decides to go for Option-1 to meet the GST implementation shortfall

Press Release ID: 1670379

 

LINK

2.

Rs 1,05,155 crore of gross GST revenue collected in the month of October 2020

Press Release ID: 1669239

LINK

3.

CGST officials bust racket for generating fraudulent input tax credit through fake billing of around Rs 1,278 crore

Press Release ID: 1668567

LINK

4.

Seeks to amend notification no. 41/2020-Central Tax dt. 05.05.2020 to extend due date of return under Section 44 till 31.12.2020.

80/2020-Central Tax dated 28.10.2020     

 

LINK

 

5.

Auto-populated Form GSTR 3B (PDF) for the taxpayers, from the month of October 2020 onwards

GSTN Update 410

 

LINK

6

Due dates for filing of Form GSTR-3B for the Tax Periods from October, 2020 till March, 2021

GSTN Update 413

LINK

7

Auto-population of e-invoice details into GSTR-1

GSTN Update 414

LINK

8

Seeks to notify amendment carried out in sub-section (1), (2) and (7) of section 39 vide Finance (No.2) Act, 2019.

81/2020-Central Tax dated 10.11.2020

 

LINK

9

Seeks to make the Thirteenth amendment (2020) to the CGST Rules.2017

82/2020-Central Tax dated 10.11.2020

 

LINK

10

Seeks to extend the due date for FORM GSTR-1

83/2020-Central Tax dated 10.11.2020

 

LINK

11

Seeks to notify class of persons under proviso to section 39(1).

84/2020-Central Tax dated 10.11.2020

 

LINK

12

Seeks to notify special procedure for making payment of 35% as tax liability in first two month

85/2020-Central Tax dated 10.11.2020

 

LINK

13

Seeks to rescind Notification 76/2020-Central tax dated 15.08.2020

86/2020-Central Tax dated 10.11.2020

 

LINK

14

Seeks to extend the due date for furnishing of FORM ITC-04 for the period July- September 2020 till 30th November, 2020

87/2020-Central Tax dated 10.11.2020

 

LINK

15

Seeks to implement e-invoicing for the taxpayers having aggregate turnover exceeding Rs. 100 Cr from 01st January 2021.

88/2020-Central Tax dated 10.11.2020

 

LINK

16

provisions relating to Quarterly Return Monthly Payment Scheme

CBEC-20/01/08/2020 -GST

 

LINK

17

the Central Goods and Services Tax (Thirteenth Amendment) Rules, 2020

No. 82/2020–Central Tax

LINK

18

Online filing of application (Form GST EWB 05) by the taxpayer for un-blocking of E-Way Bill (EWB) generation facility

GSTN Update 420

`LINK

19

Update on auto-population of e-invoice details into GSTR-1

GSTN Update 421

`LINK

20

Seeks to waive penalty payable for noncompliance of the provisions of notification No.14/2020 – Central Tax, dated the 21st March, 2020.

89/2020-Central Tax dated 29.11.2020           

LINK

3. Compliance Requirement UNDER Companies Act, 2013 and Rules made thereunder;

 

Applicable Laws/Acts

 

 

Due Dates

 

Compliance Particulars

 

Forms / Filing mode

 

Companies Act, 2013

 

Within 180 Days From The Date Of Incorporation Of The Company + An additional time of 6 more months shall be allowed by MCA

(6+6 months)

 

As per Section 10 A (Commencement of Business) of the Companies Act, 2013, inserted vide the Companies (Amendment) Ordinance, 2018 w.e.f. 2nd November, 2018, a Company Incorporated after the ordinance and having share capital shall not commence its business or exercise any borrowing powers unless a declaration is filed by the Director within 180 days from the date of Incorporation of the Company with the ROC.

CLICK HERE

MCA E- Form INC 20A

(one time compliance)

 

(also covered under CFSS, 2020)

Companies Act, 2013

 

First declaration within 90 days from the date of notification Dt. 08.02.2019

 

 

A person having Significant beneficial owner shall file a declaration to the reporting company

http://www.mca.gov.in/Ministry/pdf/CompaniesOwnersAmendmentRules_08020219.pdf

i.e. within 90 days of the commencement of the Companies (Significant Beneficial Owners) Amendment Rules, 2019 i.e. 08.02.2019

 

In case Subsequent Acquisition of the title of Significant Beneficial Owner / Any Change therein a declaration in Form No. BEN-1 required to be filed to the reporting company, within 30 days of acquiring such significant beneficial ownership or any change therein.

 

Form BEN-1

Draft Format available at

LINK

Companies Act, 2013

 

31.12.2020

 

(Due Date Extended as covered under CFSS 2020 Scheme

 

Filing of form BEN-2 under the Companies (Significant Beneficial Owners) Rules, 2018.

(Within 30 days from deployment of the E –form (earlier the date of receipt of declaration in BEN-1 )

CLICK HERE

BEN -2 due date extended till 31.03.2020

Circulars Link:

CLICK HERE

Form BEN – 2

(e-form deployed by Ministry (ROC)) on 01.07.2019

Companies Act, 2013

 

File between 01.04.2020 to 31.12.2020  without any Additional filing fee (Rs. 10,000/-)

 

Filing of the particulars of the Company & its registered office.

(by every company incorporated on or before the 31.12.2017.)

Due date extended- Link :

CLICK HERE

 

 

Active Form

INC -22A

Companies Act, 2013

 

File between 01.04.2020 to 31.12.2020   without any Additional filing fee (Rs. 5,000/-)

*DIN KYC through DIR 3 KYC Form is an Annual Exercise.

Last date for filing DIR-3 KYC for Financial year 2018-19 has been extended till 14th November 2019

CLICK HERE

CLICK HERE

Annual Exercise:

CLICK HERE

Penalty after due date is Rs. 5000/-(one time)

 

E-Form DIR – 3 KYC

(Web Based and E-form)

 

Companies Act, 2013

 

within 60 days from the date of deployment of this form on the website of the

Ministry.

 

Reconciliation of Share Capital Audit Report (Half-yearly)

Pursuant to sub-rule Rule 9A (8) of Companies (Prospectus and Allotment of Securities) Rules, 2014

To be filed all unlisted companies, deemed public companies

Till further clarification to be filled in GNL-2

Applicable w.e.f. 30.09.2019

Extension Notification:

E-Form PAS – 6

Available w.e.f. 15.07.2020

(ICSI Representation sent to the ministry  to include PAS-6 into CFSS)

Companies Act, 2013

Within 270 days from the date of deployment of this Form

Annual Return To Be Filed By Auditor With The National Financial Reporting Authority

CLICK HERE

CLICK HERE

Click Here

Note on NFRA -2 Click Here

NFRA-2

(NFRA-2 e-Form live since 9th December 2019.)

Companies Act, 2013

Due date was 30.06.2020 and can be filed till 31.12.2020 under Moratorium period / CFSS

DPT 3 is a return of deposits that companies must file to furnish information about deposits and/or outstanding receipt of loan or money other than deposits.

Company can file Form DPT-3 upto 31.12.2020 without any additional fee

DPT-3

Companies Act, 2013

Due date is 30.11.2020 and can be filed till 31.12.2020 under Moratorium period / CFSS

IEPF Authority (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2019 Statement of unclaimed and unpaid amounts

 

IEPF -2

Companies Act, 2013

On or before 31.12.2019

Statement of Amounts credited to Investor Education and Protection Fund Pursuant to Rule 5(4A)

IEPF Form - 1A


Due dates of LLP Return Filing:

LLP Form 8 (Statement of Account & Solvency) on or before 31.12.2020 (due date is 31.10.2020 and extended as per Modified LLP Settlement scheme, 2020)

The charge details i.e. creation, modification or satisfaction of charge, can be filed through Appendix to e-Form 8 (Interim)

Form LLP -8 can be filed after due date with a penalty of Rs. 100/- per day till the filing is completed.

Due dates of ROC Annual Return Filings:

Sl. No.

Particulars

Due Date

E- Form

 

1

 

Appointment of Auditor

Within 15 days from the conclusion of AGM (ratification at every annual general meeting is not mandatory)

 

 

ADT-1

 

 

2

 

Filing of financial statement and other documents with the ROC

With in 30 days from the conclusion of the AGM, other than OPC

(In case of OPC within 180 days from the close of the financial year)

 

 

 

AOC-4

 

3

 

Filing of annual return by a company.

 

With in 60 days from the conclusion of AGM

 

 

MGT-7

 

4

Filing of Cost Audit Report with the Central Government

With in 30 days from the receipt of Cost Audit Report

Extension notification: Click here

 

 

CRA-4

 

5

Filing of Resolutions and agreements to the Registrar

 

 

Within 30 days from the date of Board Meeting.

 

MGT-14


KEY UPDATES: 

1. Extension of LLP Settlement Scheme, 2020

In continuation to this Ministry's General Circular No. 13/2020 dated 30.03.2020 and in the General Circular No. 31/2020 dated 28.09.2020 the scheme was extended till 31st December 2020, in view of large scale disruption caused by the COVID-19 pandemic and after due examination, it has been decided to extend the date on applicability to defaulting LLP and therefore, in serial number 3, para 8A, sub-para (iii) of the said circular dated 30.03.2020 belated documents due for filing till 30th November 2020 shall be substituted. All other requirements provided in the said circulars shall remain unchanged.

If a statement of account and solvency for the financial year 2019-2020 has been signed beyond the period of six months from the end of financial year but not later than 30th November, 2020, the same shall not be deemed as non-compliance.

Important Updates

MCA Monthly Updates Calendar: NOVEMBER, 2020

 

Sl. No.

 

 

Particulars of the Circulars

 

Link

1

Engagement of Young Professionals (YPs) in Ministry of Corporate Affairs on contract basis

 

Click here

 

 

2

Extension of LLP Settlement Scheme, 2020

All LLP having belated documents due for filing till 30th November 2020.

Click here

 

3

Corrigendum: Filing of Immovable/ Movable Property Return by officers/ officials.

Click here

 

4

Office Memorandum: Filing of Immovable/ Movable Property Return by officers/ officials.

Click here

5.

Invitation of applications for post of General Manager in Investor Education and Protection Fund Authority established under Section 125 of Companies Act, 2013.`

Click here

6.

Relaxation of additional fees and extension of last date of filing of CRA-4 (form for filing of cost audit report) for FY 2019-20 under the Companies Act, 2013

Click here

5. Compliance under Other Statutory LAws

 

Applicable Laws/Acts

 

 

Due Dates

 

Compliance Particulars

 

Forms / (Filing mode)

EPF (The Employees’ Provident Funds And Miscellaneous Provisions Act, 1952)

 

15.12.2020

 

PF Payment

 

ECR

 

ESIC (Employees' State Insurance Act, 1948)

 

15.12.2020

ESIC Payment

 

ESI Challan

 

 

Contract Labour (Regulation &Abolition) Act, 1970

 

Within 15 Days of commencement/ completion of contract work

Return/Notice within 15 days of commencement/ completion of each contract by the Principal employer

Form VI-B

 

 

Payment of Gratuity Rule

Within 30 Days of applicability of the Act & any change

Notice of applicability of the Act & any change

Form A or B

Key Update: 

1. From 15th Feb.,2020, new Companies registered through MCA Portal, www.mca.gov.in need not comply with provisions of ESI Act till they reach threshold limit of ESI coverage or initial 6 months whichever is earlier. For further details login to ' www.esic.in . Submission of Mobile Number and Bank Account details (Bank Name, Branch Name & IFSC) shall be mandatory for registration of New employee. For more updates: Click here

2. Labour ministry plan for workers’ health & safety board may get stakeholder nod

Trade unions and employers meeting later this week is expected to approve the proposed labour code on occupational safety, health and working conditions.
Labour ministry is likely to win stakeholder approval for its proposals to set up a national board for the safety and health of workers and issue national licences to staffing firms.

Updates TRACKER under Labour Laws:

Sl. No.

Particulars

Link

1

Amendments in the notification of the Government of India in the Ministry of Labour & Employment

 

Click here

2

EPFO to allow EPS pensioners to submit their Digital Pramaan Patra at any time during the year as per their convenience

 

Click here

3

Observance of Vigilance Awareness Week in Employee State Insurance Corporation (ESIC)

 

Click here

4

Revised rate of interest - with regard to Staff Provident Fund in EPFO

 

Click here

5

Multi-location settlement of claims

 

Click here

 

6

Claims through Affidavit Form no longer required now under Atal Beemit Vyakti Kalyan Yojana (ABVKY) of ESIC

 

Click here

7

EPFO’s clarification on misleading article published in newspaper

 

Click here

8

Exemption to the Odisha Coal and Power Limited, Bhubaneswar-751023 from the applicability of notification of the Government of India in the Ministry of Labour vide notification number S.O. 2063, dated the 21st June, 1988

 

Click here

9

The services engaged in the Copper Mining industry, to be a public utility service

 

Click here

10

Draft Code on Social Security (Central) Rules, 2020.

Click here

11

Draft Occupational Safety, Health and Working Conditions (Central) Rules, 2020

 

Click here

12

EPFO facilitates multiple options for submission of Digital Life Certificate by EPS pensioners

 

Click here

13

Union Labour Ministry Notifies Draft Rules under the Code on Social Security 2020

 

Click here

14

The services engaged in the Coal industry to be a public utility service for the purposes of the said Act for a period of six months with effect from the 27th November, 2020

 

Click here

15

Clarification regarding queries being received in respect of Special Cash package equivalent in lieu of Leave Travael Concession Fare for Central Government Employees during the Block 2018-21 

 

Click here

16

EPFO extends time limit  for Pensioners upto 28th February 2021 for submission of  Jeevan Pramaan Patra; 35 Lakh pensioners with EPFO to benefit

 

Click here

17

EPFO conferred with Platinum Partner Award for highest transactions on UMANG App

 

Click here

5. SEBI – Securities Exchange Board of INDIA

Compliance Requirement under SEBI (Listing Obligations and Disclosure Requirements) (LODR) Regulations, 2015

FILING MODE(s)

·         For BSE                    : BSE LISTING CENTRE

·         For NSE                    : NEAPS Portal

Half Yearly Compliance's

 

Sl. No.

 

Regulation No.

 

Compliance Particular

 

Compliance Period

(Due Date)

Due Date

1.

Regulation 7(3)

Share Transfer Agent.

Listed entity to submit a COMPLIANCE CERTIFICATE within one month of end of half Financial Year to certify maintenance of physical and electronic transfer facility.

31/10/2020

 

(No further extension)

2.

Regulation 33*

Quarterly / Annually

Relating to Financial Results

Un audited Financial Results within 45 days & Audited finance within 60 days

 

14/11/2020

2.1

Regulation 23(9)

Related party transactions.

 

The listed entity shall submit within 30 days from the date of publication of its standalone and consolidated financial results for the half year, disclosures of related party transactions on a consolidated basis, in the format specified in the relevant accounting standards for annual results to the stock exchanges and publish the same on its website

Within 30 days of FR

3.

Regulation 40(9) & (10)

 

/ Regulation 61(4)

Transfer or transmission or transposition of securities.

 

 

The listed entity shall ensure that the share transfer agent and/or the in-house share transfer facility, as the case may be, produces a certificate from a practicing company secretary within one month of the end of each half of the financial year, certifying that all certificates have been issued within thirty days of the date of lodgement for transfer, sub-division, consolidation, renewal, exchange or endorsement of calls/allotment monies. & The listed entity shall ensure that certificate mentioned at sub-regulation (9), shall be filed with the stock exchange(s) simultaneously.

Note: Reg 61(4) :The listed entity shall comply with requirements as specified in regulation 40 for transfer of securities including procedural requirements specified in Schedule VII.

 

 

 

 

 

 

31/10/2020

 

(Final due date, no extension)

4.

Regulation 52(1)*

Financial Results.

The listed entity shall prepare and submit un-audited or audited financial results on a half yearly basis in the format as specified by the Board within forty five days from the end of the half year to the recognised stock exchange(s).

14/11/2020

5.

Regulation 52(2)*

Financial Results.

if the listed entity intimates in advance to the stock exchange(s) that it shall submit to the stock exchange(s) its annual audited results within sixty days from the end of the financial year, un-audited financial results for the last half year accompanied by limited review report by the auditors need not be submitted to stock exchange(s).

30/11/2020

*as on 30/09/2020 there is no circular for extension of Financial Result for September Quarter

Annual Compliance's

 

Sl. No.

 

Regulation No.

 

Compliance Particular

 

Compliance Period

(Due Date)

 

 

1

 

Regulation 34(1) & 36(2) –

 

 

Annual Report

Not later than the day of commencement of dispatch to its shareholders and not less than 21 days before the annual general meeting           

 

2

Annual report in XBRL mode

16 may 2019

BSE CIRCULAR'

https://www.bseindia.com/corporates/Displaydata.aspx?Id=7a3c8414-03fa-4976-8579-db3f8fc8d2bc&Page=cir

 

 

Filings in respect of Annual Report has to be done by all listed entities in XBRL mode in addition to the currently used PDF mode mandatorily, for periods ending March 31, 2019.

 

 

 

 

Same time limit of Regulation 34

 

 

 

 

3.

 

 

 

 

Regulation 34(1)(b)

in the event of any changes to the annual report, the revised copy along with the details of and explanation for the changes shall be sent not later than 48 hours after the annual general meeting.

 

 

 

 

 

Within 48 hours after AGM

Regular / Annual Compliance

REG NO

REGULATION NO

PARTICULARS

TIMELINE

47 Advertisements in Newspapers.

47 (3) Advertisements in Newspapers

Financial results at 47 clause (b) of sub-regulation (1), shall be published within 48 hours of conclusion of the meeting of board of directors at which the financial results were approved.

48 HOURS

23 Related party transactions.

Reg 23(9) Related party transactions

The listed entity shall submit within 30 days from the date of publication of its standalone and consolidated financial results for the half year, disclosures of related party transactions on a consolidated basis, in the format specified in the relevant accounting standards for annual results to the stock exchanges and publish the same on its website

30 days

24A Secretarial Audit.

Red 24A

Every listed entity and its material unlisted subsidiaries incorporated in India shall undertake secretarial audit and shall annex with its annual report, a secretarial audit report, given by a company secretary in practice, in such form as may be specified with effect from the year ended March 31, 2019. (within 60 days from the Closure of FY)

60 days from the Closure of FY

36 Documents & Information to shareholders.

36(1)

The listed entity shall send annual report referred to in sub-regulation 36(1), to the holders of securities, not less than twenty-one days before the annual general meeting

21 days before AGM

46 Website

46(2)(s)

The listed entity shall disseminate the following information under a separate section on its website separate audited financial statements of each subsidiary of the listed entity in respect of a relevant financial year, uploaded at least 21 days prior to the date of the annual general meeting which has been called to inter alia consider accounts of that financial year.]

21 days prior 1 days prior to the date of AGM


COMPLIANCE ON IMPACT OF COVID-19:Reg 4(2)(e),30,33,51

Advisory on disclosure of material impact of COVID-19 pandemic on listed entities under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015: Link

Quarterly compliance which included half year compliance except FR

REG NO

REGULATION NO

PARTICULARS

TIMELINE

Intimation

Reg 29 read with Reg 33

intimation regarding item specified in clause 29(1) (a) to be discussed at the meeting of board of directors shall be given at least five days in advance (excluding the date of the intimation and date of the meeting), and such intimation shall include the date of such meeting of board of directors

 at least 5 working days in advance, excluding the date of the intimation and date of the meeting

Intimations and Disclosure of events or information to Stock Exchanges.

87B: Intimations and Disclosure of events or information to Stock Exchanges. READ WITH PART E OF Schedule III

The listed entity shall first disclose to stock exchange(s) of all events or information, as specified in Part E of Schedule III, as soon as reasonably possible but not later than twenty four hours from occurrence of the event or information:

24 HOURS

Valuation, Rating and NAV disclosure.

87C(1) (iii)

An issuer whose security receipts are listed on a stock exchange shall ensure that: the net asset value is calculated on the basis of such independent valuation and the same is declared by the asset reconstruction company within fifteen days of the end of the quarter.

15 Days

           

Event based Compliances 

30 Disclosure of events or information.

30(6) AND Part A of Schedule III

The listed entity shall first disclose to stock exchange(s) of all events, as specified in Part A of Schedule III, or information as soon as reasonably possible and not later than twenty four hours from the occurrence of event or information

24 HOURS

30 Disclosure of events or information.

30(6) AND sub-para 4 of Para A of Part A of Schedule III

The listed entity shall disclose to the Exchange(s), within 30 minutes of the closure of the meeting held to consider the following:
a) dividends and/or cash bonuses recommended or declared or the decision to pass any dividend and the date on which dividend shall be paid/dispatched;
b) any cancellation of dividend with reasons thereof;
c) the decision on buyback of securities;
d) the decision with respect to fund raising proposed to be undertaken
e) increase in capital by issue of bonus shares through capitalization including the date on which such bonus shares shall be credited/dispatched;
f) reissue of forfeited shares or securities, or the issue of shares or securities held in reserve for future issue or the creation in any form or manner of new shares or securities or any other rights, privileges or benefits to subscribe to;
g) short particulars of any other alterations of capital, including calls;

h) financial results;

i) decision on voluntary delisting by the listed entity from stock exchange(s).

30 MINUTES

31A: Conditions for re-classification of any person as promoter / public

31A(8)

The following events shall deemed to be material events and shall be disclosed by the listed entity to the stock exchanges as soon as reasonably possible and not later than twenty four hours from the occurrence of the event:
(a) receipt of request for re-classification by the listed entity from the promoter(s) seeking re-classification;
(b) minutes of the board meeting considering such request which would include the views of the board on the request;
(c) submission of application for re-classification of status as promoter/public by the listed entity to the stock exchanges;
(d) decision of the stock exchanges on such application as communicated to the listed entity;

24 HOURS

34 Annual Report.

34(1)(b)

in the event of any changes to the annual report, the revised copy along with the details of and explanation for the changes shall be sent not later than 48 hours after the annual general meeting.]

48 HOURS

44 Meetings of shareholders and voting

44(3)

The listed entity shall submit to the stock exchange, within forty eight hours of conclusion of its General Meeting, details regarding the voting results in the format specified by the Board.

48 HOURS

47 Advertisements in Newspapers.

47 (3) Advertisements in Newspapers

The listed entity shall publish the information specified in 47(1) in the newspaper simultaneously with the submission of the same to the stock exchange(s). The same is reproduced below
47(1) (a) notice of meeting of the board of directors where financial results shall be discussed (c )statements of deviation(s) or variation(s) as specified in sub-regulation (1) of regulation 32 on quarterly basis, after review by audit committee and its explanation in directors report in annual report;
(d) notices given to shareholders by advertisement

Simultaneously

-

SCHEDULE III PART PART A 7(A)

resignation of the auditor of the listed entity, detailed reasons for resignation of auditor, as given by the said auditor, shall be disclosed by the listed entities to the stock exchanges as soon as possible but not later than twenty four hours of receipt of such reasons from the auditor

24 HOURS

-

SCHEDULE III PART PART A 7(B)

In case of resignation of an independent director of the listed entity, within seven days from the date of resignation, the following disclosures shall be made to the stock exchanges by the listed entities:
i. Detailed reasons for the resignation of independent directors as given by the said director shall be disclosed by the listed entities to the stock exchanges.
ii. The independent director shall, along with the detailed reasons, also provide a confirmation that there is no other material reasons other than those provided.
iii. The confirmation as provided by the independent director above shall also be disclosed by the listed entities to the stock exchanges along with the detailed reasons as specified in sub-clause (i) above.]

7 days from the date of resignation

7 Share Transfer Agent.

Reg 7(4) & (5) Share Transfer Agent.

The listed entity shall intimate any change or appointment of a new share transfer agent, to the stock exchange(s) within seven days of entering into the agreement.

7 DAYS

29

Reg 29(1)

The intimation required under 29 (1), shall be given at least two working days in advance, excluding the date of the intimation and date of the meeting Reg 29(1) is reproduced below: (b) proposal for buyback of securities ; (c) proposal for voluntary delisting by the listed entity from the stock exchange(s); (d) fund raising by way of further public offer, rights issue, American Depository Receipts/Global Depository Receipts/Foreign Currency Convertible Bonds, qualified institutions placement, debt issue, preferential issue or any other method and for determination of issue price:
Provided that intimation shall also be given in case of any annual general meeting or extraordinary general meeting or postal ballot that is proposed to be held for obtaining shareholder approval for further fund raising indicating type of issuance. (e) declaration/ recommendation of dividend, issue of convertible securities including convertible debentures or of debentures carrying a right to subscribe to equity shares or the passing over of dividend. (f) the proposal for declaration of bonus securities where such proposal is communicated to the board of directors of the listed entity as part of the agenda papers:

 at least 2 working days in advance, excluding the date of the intimation and date of the meeting

31 Holding of specified securities and shareholding pattern.

Reg 31 (1)(a)

The listed entity shall submit to the stock exchange(s) a statement showing holding of securities and shareholding pattern separately for each class of securities, in the format specified by the Board from time to time -
 one day prior to listing of its securities on the stock exchange(s);

1 day prior to listing of its securities on the stock exchange(s

31

Reg 31 (1 (c)

within ten days of any capital restructuring of the listed entity resulting in a change exceeding two per cent of the total paid-up share capital:

within 10 days of any capital restructuring

31A Conditions for re-classification of any person as promoter / public

Reg 31A

an application for re-classification of a promoter/ person belonging to promoter group to public to the stock exchanges has to be made by the listed entity consequent to the following procedures and not later than thirty days from the date of approval by shareholders in general meeting

30 days from the date of approval by shareholders in general meeting

37 Draft Scheme of Arrangement & Scheme of Arrangement.

37(1)

Draft Scheme of Arrangement & Scheme of Arrangement before for obtaining Observation Letter or No-objection letter, before filing such scheme with any Court or Tribunal, in terms of requirements specified by the Board or stock exchange(s) from time to time.

Before filling the same with any court or tribunal

39 Issuance of Certificates or Receipts/Letters/Advices for securities and dealing with unclaimed securities.

39(2)

The listed entity shall issue certificates or receipts or advices, as applicable, of subdivision, split, consolidation, renewal, exchanges, endorsements, issuance of duplicates thereof or issuance of new certificates or receipts or advices, as applicable, in cases of loss or old decrepit or worn out certificates or receipts or advices, as applicable within a period of thirty days from the date of such lodgement.

30 Days

39 Issuance of Certificates or Receipts/Letters/Advices for securities and dealing with unclaimed securities

39(3)

The listed entity shall submit information regarding loss of share certificates and issue of the duplicate certificates, to the stock exchange within two days of its getting information.

2 days of its getting information.

40 Transfer or transmission or transposition of securities.

40 (3)

On receipt of proper documentation, the listed entity shall register transfers of its securities in the name of the transferee(s) and issue certificates or receipts or advices, as applicable, of transfers; or issue any valid objection or intimation to the transferee or transferor, as the case may be, within a period of fifteen days from the date of such receipt of request for transfer

15 days

40 Transfer or transmission or transposition of securities.

40 (3)

the listed entity shall ensure that transmission requests are processed for securities held in dematerialized mode within seven days after receipt of the specified documents:

7 Days

40 Transfer or transmission or transposition of securities.

40 (3)

the listed entity shall ensure that transmission requests are processed for securities held in physical mode within twenty one days after receipt of the specified documents:

21 Days

-

SCHEDULE VII: TRANSFER OF SECURITIES (PART B (1))

In case of minor differences in the signature of the transferor(s), the listed entity shall follow the following procedure for registering transfer of securities:
(a) the listed entity shall promptly send to the first transferor(s), via speed post an intimation of the aforesaid defect in the documents and inform the transferor(s) that objection, supported by valid proof, is not lodged by the transferor(s) with the listed entity within fifteen days of receipt of the listed entity’s letter, then the securities shall be transferred

15 Days

42 Record Date or Date of closure of transfer books.

42(2)

The listed entity shall give notice in advance of atleast seven working days (excluding the date of intimation and the record date) to stock exchange(s) of record date specifying the purpose of the record date:

 7 working days advance intimation excluding the date of the intimation and date of the meeting

42 Record Date or Date of closure of transfer books.

42(2)

in the case of rights issues, the listed entity shall give notice in advance of atleast three working days (excluding the date of intimation and the record date).]

 3 working days advance intimation excluding the date of the intimation and date of the meeting

42 Record Date or Date of closure of transfer books.

42(3)

The listed entity shall recommend or declare all dividend and/or cash bonuses at least five working days (excluding the date of intimation and the record date) before the record date fixed for the purpose.

 5 working days advance intimation excluding the date of the intimation and date of the meeting

46 Website

46 (3)(b)

The listed entity shall update any change in the content of its website within two working days from the date of such change in content.

 2 working days

50 Intimation to stock exchange(s).

50(1)

The listed entity shall give prior intimation to the stock exchange(s) at least eleven working days before the date on and from which the interest on debentures and bonds, and redemption amount of redeemable shares or of debentures and bonds shall be payable.

11 working days

50 Intimation to stock exchange(s).

50(3)

The listed entity shall intimate to the stock exchange(s), at least two working days in advance, excluding the date of the intimation and date of the meeting, regarding the meeting of its board of directors, at which the recommendation or declaration of issue of non convertible debt securities or any other matter affecting the rights or interests of holders of non convertible debt securities or non convertible redeemable preference shares is proposed to be considered.

 2 working days advance intimation excluding the date of the intimation and date of the meeting

52 Financial Results.

52 (4) & (5)

The listed entity shall, within seven working days from the date of submission of the information required under sub- regulation (4), submit to stock exchange(s), a certificate signed by debenture trustee that it has taken note of the contents

 7 working days

52 Financial Results.

52 (4) & (8)

The listed entity shall, within two calendar days of the conclusion of the meeting of the board of directors, publish the financial results and statement referred to in reg 52 (4), in at least one English national daily newspaper circulating in the whole or substantially the whole of India.

two calendar days of the conclusion of the meeting

57 Other submissions to stock exchange(s).

57(1)

The listed entity shall submit a certificate to the stock exchange within two days of the interest or principal or both becoming due that it has made timely payment of interests or principal obligations or both in respect of the non convertible debt securities

within 2 days

60 Record Date

60(2)

The listed entity shall give notice in advance of at least seven working days (excluding the date of intimation and the record date) to the recognised stock exchange(s) of the record date or of as many days as the stock exchange(s) may agree to or require specifying the purpose of the record date.

 7 working days advance intimation excluding the date of the intimation and date of the meeting

78 Record Date.

78(2)

The listed entity shall give notice in advance of at least four working days to the recognised stock exchange(s) of record date specifying the purpose of the record date

notice in advance of at least 4 working days

82 Intimation and filings with stock exchange(s).

82(2)

The listed entity shall intimate to the stock exchange(s), at least two working days in advance, excluding the date of the intimation and date of the meeting, regarding the meeting of its board of trustees, at which the recommendation or declaration of issue of securitized debt instruments or any other matter affecting the rights or interests of holders of securitized debt instruments is proposed to be considered.

 2 working days in advance, excluding the date of the intimation and date of the meeting,

82 Intimation and filings with stock exchange(s).

82(3)

The listed entity shall submit such statements, reports or information including financial information pertaining to Schemes to stock exchange within seven days from the end of the month/ actual payment date, either by itself or through the servicer, on a monthly basis in the format as specified by the Board from time to time:
Provided that where periodicity of the receivables is not monthly, reporting shall be made for the relevant periods.

within 7 days

87 Record Date.

87(2)

The listed entity shall give notice in advance of atleast seven working days (excluding the date of intimation and the record date) to the recognised stock exchange(s) of the record date or of as many days as the Stock Exchange may agree to or require specifying the purpose of the record date

 7 working days advance intimation excluding the date of the intimation and date of the meeting

87E Record Date.

87E(2)

The listed entity shall give notice in advance of at least seven working days (excluding the date of intimation and the record date) to the stock exchange(s) of the record date or of as many days as the stock exchange may agree to or require specifying the purpose of the record date.

 7 working days advance intimation excluding the date of the intimation and date of the meeting

         

Few More SEBI (LODR) Relaxations:

Sl.

Compliance Particulars

Due Date

Extended Due Date

1.

Regulation 36 (1)(b) & (c) ;

Regulation 58 (1)(b) &(c)

Hard copy of the statement containing salient features of all the documents, as prescribed in Section 136 of the Companies Act, 2013 to the shareholders who have not registered their email addresses and hard copies of full annual reports to those shareholders, who request for the same

SEBI has dispensed with the requirement of dispatch of hard copies for all listed entities who conduct their AGM till December 31, 2020

2.

Regulation 44(4)

Proxy for general meetings

SEBI has dispensed with this requirement temporarily for all listed entities who conduct their AGM through electronic mode only till 31st December, 2020

3.

Regulation 12

Dividend warrants of cheques

SEBI has clarified that this requirement shall apply only once postal services resume normal operations. Where email addresses of shareholders are available, listed entities shall endeavour to obtain their bank account details and use the electronic modes of payment specified in Schedule I of the SEBI (LODR), Regulations, 2015.

 

5.

Clarification regarding the use of digital signatures

 

Authentication /certification of any filing /submission made to stock exchanges under LODR may be done using digital signature certifications until December 31, 2020

7. SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011

Securities and Exchange Board of India (SEBI) vide notification / Circular No. SEBI/HO/CFD/DCR1/CIR/P/2020/49 issued and publish dated 27th March 2020, has published Relaxation from compliance with certain provisions of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 due to the COVID-19 pandemic.".

 

Sl. No.

 

Regulation No.

 

Compliance Particular

Compliance Period

(Due Date)

 

1

 

Regulation 30(1)

Every person, who together with persons acting in concert with him, holds shares or voting rights entitling him to exercise 25% or more of the voting rights in a target company, shall disclose their aggregate shareholding and voting rights as of the 31st day of March, in such target company in such form as may be specified.

 

 

 

Report as per the 2020 calendar are required to be filed by April 15, 2020

 

 

Previous Extension

 

It was decided by SEBI to extend the due date of filing disclosures, in terms of Regulations 30(1), 30(2) and 31(4) of the SAST Regulations for the financial year ending March 31, 2020 to June 01, 2020.

 

 

 

2

 

 

 

Regulation 30(2)

The promoter of every target company shall together with persons acting in concert with him, disclose their aggregate shareholding and voting rights as of the thirty-first day of March, in such target company in such form as may

 

3.

Regulation 31(1) read with Regulation 28(3) of Takeover Regulations

AUGUST 7, 2019 CIRCULAR

https://www.sebi.gov.in/legal/circulars/aug-2019/disclosure-of-reasons-for-encumbrance-by-promoter-of-listed-companies_43837.html

The promoter of every listed company shall specifically disclose detailed reasons for encumbrance if the combined encumbrance by the promoter along with PACs with him equals or exceeds: a) 50% of their shareholding in the company; or b) 20% of the total share capital of the company,

within 2 (two) working days

4.

Regulation 31(4)

Disclosure of encumbered shares

Promoter of every target company shall together with persons acting in concert with him, disclose their aggregate shareholding and voting rights as of the 31st March, in such target company in such form as may be specified

         

SEBI (Prohibition of Insider Trading) Regulations, 2015

 

Sl. No.

 

Regulation No.

 

Compliance Particular

Compliance Period

(Due Date)

 

 

 

 

 

 

1

 

 

 

 

Regulation 7(2)

“Continual Disclosures”

Every promoter, employee and director of every company shall disclose to the company the number of such securities acquired or disposed of within two trading days of such transaction if the value of the securities traded, whether in one transaction or a series of transactions over any calendar quarter, aggregates to a traded value in excess of ten lakh rupees (10,00,000/-) or such other value as may be specified;

Every company shall notify; within two trading days of receipt of the disclosure or from becoming aware of such information

9. SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 

 

Sl. No.

 

Regulation No.

 

Compliance Particular

 

Compliance Period

(Due Date)

 

1

Schedule XIX - Para (2) of ICDR

Read with Reg 108 of SEBI LODR

“The issuer shall make an application for listing from the date of allotment, within such period as may be specified by the Board from time to time, to one or more recognized stock exchange(s)”.

In regard to above, it is specified that Issuer shall make an application to the exchange/s for listing in case of further issue of equity shares from the

date of allotment within 20 days (unless otherwise specified).

Within 20 days from the date of allotment

2

Regulation 162

 

The tenure of the convertible securities of the issuer shall not exceed eighteen months from the date of their allotment.

Within 18 months from date of allotment

3

SEBI CIRCULAR

Aug 19, 2019

https://www.sebi.gov.in/legal/circulars/aug-2019/non-compliance-with-certain-provisions-of-sebi-issue-of-capital-and-disclosure-requirements-regulations-2018-icdr-regulations-_43941.html

Application for trading approval to the stock exchange Listed entities shall make an application for trading approval to the stock exchange/s within 7 working days from the date of grant of listing approval by the stock exchange/s.

Within 7 working days from grant of date of listing approval

4

Regulation 76

Application for rights issue

The issuer along with lead managers and other parties related to the issue shall constitute an optional mechanism (non-cash mode only) to accept the applications of the shareholders to apply to rights issue subject to ensuring that no third-party payments shall be allowed in respect of any application

5.

Regulation 77

Service of Documents

In case if the company fails to adhere to modes of dispatch through registered post or speed post or courier services due to Covid-19 conditions it will not be treated as non-compliance during the said period. The issuers shall publish required & necessary documents on the websites of the company, registrar, stock exchanges and the lead managers to the rights issue

6

Regulation 84

 

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Issuer has the flexibility to publish the advertisement in additional newspapers above those required in Regulation 84. The advertisement should also be made available on:  

A. Website of the Issuer, Registrar, Lead Managers, and Stock Exchanges.

B. Television channels, radio, the internet, etc. to spread information related to the process.

7.

All offer documents filed until July 31, 2020

A. Authentication/ certification for offer documents can be done through DSC.

B. The issuer shall provide a procedure to inspect documents electronically

CIRCULAR DATED :  APRIL 21,2020: the relaxation on change in fresh issue size shall be applicable for issues (IPO/ Rights Issues/ FPO) opening before December 31, 2020 (Link)

Read with

Circular Dated 29/09/2020 Relaxation with respect to Validity of SEBI Observations and Revision in issue size (Link) w.e.f 01/10/2020

In view of the impact of the COVID-19 pandemic, based on representations from various  industry  bodies, SEBI  has  decided  to  grant  the  following  onetime relaxations:

(i)In  terms  of  Regulation  44(1),  85  and  140 of the Securities  and  Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018(ICDR Regulations), a public issue/rights issue may be opened within twelve months from the date of issuance of observations by SEBI. The  validity  of  the  SEBI Observations where the  same have expired/will expire between March1, 2020 and September 30, 2020 has been extended by  6  months,  from  the  date  of  expiry  of  such  observation, subject  to an undertaking  from  lead  manager  of  the  issue on firming compliance  with Schedule XVI of the ICDR Regulations while submitting the updated offer document to the Board.

(ii)In  terms  of  Schedule  XVI  (1)  (f)(i)  of  the  ICDR  Regulations,  2018  any increase  or  decrease  in  estimated fresh issue  size  by  more  than  twenty percent of the estimated fresh issue size shall require fresh filing of the draft offer document along with fees.

An issuer shall be permitted to increase or decrease the fresh issue size by up to 50% of the estimated issue size without requiring to file fresh draft offer document with the Board subject to following conditions: (a)there has been no change in the objects of the issue(b)the  lead  manager  undertakes  that  the  draft  offer  document  is  in compliance with provisions of Regulation 7(1)(e)(c)the  lead  manager  shall  ensure  that  all  appropriate  changes  are made  to  the  relevant  section  of  DRHP  and  an  addendum,  in  this regard, shall be made public

  This shall continue till 31/03/2021 (Added in circular 29/09/2020)

the  validity  of  the  SEBI observations expiringbetween  October  1,  2020  and March 31,2021 shall beextended upto March 31, 2021, subject to an undertaking from lead manager tothe  issue  confirming  compliance  with  Schedule  XVI  of  the  ICDR Regulations, 2018while submitting the updated offer document to the Board

(Added in circular 29/09/2020)

10. SEBI (Buyback of Securities) Regulations, 2018 (Buyback Regulations)

 

Sl. No.

 

Regulation No.

 

Compliance Particular

                                                   

 

Compliance Period

(Due Date)

 

 

 

 

 

 

1

 

 

 

 

Regulation 11 and 24(iv)

Extinguishment of equity shares in connection with Buyback The particulars of the security certificates extinguished and destroyed shall be furnished by the company to the stock exchanges where the shares or other specified securities of the company are listed within seven days of extinguishment and destruction of the certificates

 

 

7 days of extinguishment and destruction of the certificates

 

 

 

2

 

 

Regulation 24(i) (f)

 

 

 

Minimum time between buy back and raising of funds

Temporary relaxation in the period of restriction

provided in Regulation 24(i)(f) from “one year” to “six months”

Applicable up to December 31, 2020 only

SEBI Circulars Tracker: 01.11.2020 to 30.11.2020

Sl. No.

Particulars

Link

1

SEBI Order for compliance - Release order for Recovery Certificate No. 3011 of 2020 – S. Jayalakshmi

Click here

 

2

Final Order in the matter of Siya-Ram Agro Industries Ltd.

Click here

3

Debt Offer Document: Muthoottu Mini Financiers Limited – Prospectus

Click Here

 

4

Buybacks: Majesco Limited

Click Here

5

Schemes of Arrangement by Listed Entities and (ii) Relaxation under Sub-rule (7) of Rule 19 of the Securities Contracts (Regulation) Rules, 1957

 

Click Here

6.

Creation of Security in issuance of listed debt securities and ‘due diligence’ by debenture trustee(s)

Click Here

7.

Advisory for Financial Sector Organizations regarding Software as a Service (SaaS) based solutions

 

Click Here

8.

Majesco Limited - Draft Letter of Offer – Buybacks

Click Here

9.

Takeover: Vandana Knitwear Limited

Click Here

10.

Guidelines for rights issue of units by an unlisted Infrastructure Investment Trust (InvIT)

Click Here

 

11.

Recovery Proceedings: Releasing Order of Mansarovar Paper & Industries Ltd. in the matter of non-redressal of investors grievance (s)

 

Click Here

12.

Public Issue: Shine Fashions India Ltd – Prospectus

Click Here

13.

Circular on Enhancement of Overseas Investment limits for Mutual Funds

 

Click Here

14.

Investor Grievance Redressal Mechanism

Click Here

15.

Outsourcing of activities, Business Continuity Plan and Disaster Recovery, and Cyber Security and Cyber Resilience framework - Limited Purpose Clearing Corporation

 

Click Here

16.

Circular on Introduction of “Flexi Cap Fund” as a new category under Equity Schemes

Click Here

17

Circular on Norms regarding holding of liquid assets in open ended debt schemes & stress testing of open ended debt schemes

 

Click Here

18

Consultation Paper on the Applicability and role of the Risk Management Committee

Click Here

19

Monitoring and Disclosures by Debenture Trustee(s)

Click Here

20

Report on disclosures pertaining to analyst meets, investor meets and conference calls

 

Click Here

21

Consultation Paper on Review of requirement of Minimum Public Offer for large issuers in terms of Securities Contracts (Regulation) Rules, 1957

 

Click Here

22

Consultation paper on review of SEBI (Delisting of Equity Shares) Regulations, 2009

Click Here

23

Takeover: Mangalam Industrial Finance Limited

Click Here

24

Amendments to guidelines for preferential issue and institutional placement of units by a listed InvIT

 

Click Here

25

Monitoring and Disclosures by Debenture Trustee(s)

Click Here

26

Securities and Exchange Board of India (Prohibition of Insider Trading) (Second Amendment) Regulations, 2020

 

Click Here

27

Introduction of Unified Payments Interface (UPI) mechanism and Application through Online interface and Streamlining the process of Public issues of securities under - SEBI (Issue and Listing of Debt Securities) Regulations, 2008 (ILDS Regulations), SEBI (Issue and Listing of Non-Convertible Redeemable Preference Shares) Regulations, 2013 (NCRPS Regulations), SEBI (Issue and Listing of Securitised Debt Instruments and Security Receipts) Regulations, 2008 (SDI Regulations) and SEBI (Issue and Listing of Municipal Debt Securities) Regulations, 2015 (ILDM Regulations)

 

 

 

 

Click Here

28

Reports: Consultative paper on re-classification of promoter/ promoter group entities and disclosure of promoter group entities in the shareholding pattern

 

Click Here

29

Recovery Proceedings: Notices of Attachment dated 24.11.2020 - RC.No.2954 – Arun Pathak (PAN No. AAHPP6384P) in the matter of ABG Shipyard Ltd.

 

Click Here

30

Testing of software used in or related to Trading and Risk Management

Click Here

31

Confirmatory Order in the matter of M/s. Karvy Stock Broking Limited

 

Click Here

32

Buybacks: Tata Consultancy Services - Draft Letter of Offer

Click Here

33

SEBI Chairman launches Securities Market Trainers (SMARTs) Program – a new SEBI initiative for enhancing Investor Education activities

 

Click Here

34

Review of regulatory measures introduced vide SEBI Press Release dated March 20, 2020

 

Click Here

35

Right Issues: Pricol Limited - Letter of Offer

Click Here

36

Adjudication Order in respect of Innovative Data Organisers Pvt. Ltd., BJD Securities Pvt. Ltd. and Medium Investments Co. Pvt. Ltd.in the matter of Super Sales Ltd.

 

Click Here

37

Order in the matter of New Delhi Television Limited - Mr. Prannoy Roy and Mrs. Radhika Roy

 

Click Here

38

Order in the matter of New Delhi Television Limited - Mr. Sanjay Dutt, Mrs. Prenita Dutt, M/s Quantum Securities Private Limited, M/s SAL Real Estate Private Limited and M/s Taj Capital Partners Private Limited

 

Click Here

39

Informal guidance in the matter of Mirae Asset Investment managers (India) Pvt. Ltd.

 

 

Click Here

11. IBBI Updates {Insolvency and Bankruptcy Board of India}

Due to the emerging financial distress faced by most companies it has been decided to raise the threshold of default under section 4 of the IBC 2016 to Rs 1 crore (from the existing threshold of Rs 1 lakh). This will by and large prevent triggering of insolvency proceedings against MSMEs.

Important Notifications and Circulars Tracker (November, 2020)

Sl. No.

 

Notification(s)

Link(s)

1.

IBBI Communication To IPs on invitation of EOI [Empanelment of IPs for AA for Nov 26, 2020 To Jun 30, 2021]

Click Here

2.

In the matter of Mr. Anil Syal (CP IB -589 (PB) /2019)

Click Here

3

Notice- Extension of last date of applications for CGM/GM

Click Here

4

SEBI - Schemes of Arrangement by Listed Entities and (ii) Relaxation under Subrule (7) of Rule 19 of the Securities Contracts (Regulation) Rules, 1957 - valuation by registered valuer.

 

Click Here

5

In the matter of CA V.Venkata Sivakumar Vs. IBBI & Ors., W.P.No.13229 of 2020

 

Click Here

6

In the matter of Mr. Manmohan Jhawar, Insolvency Professional

Click Here

7

In the matter of Mr. S. Radha Krishna, Insolvency Professional

Click Here

8

In the matter of Mr. Pritpal Singh Dua, Insolvency Professional

Click Here

9

In the matter of Mr. Vinod Kumar Kothari, Insolvency Professional

Click Here

10

Facilitation Letter on Mistakes Committed by IPs

Click Here

11

IBBI (Liquidation Process) (Fourth Amendment) Regulations, 2020

Click Here

12

IBBI (Insolvency Resolution Process for Corporate Persons) (Fifth Amendment) Regulations, 2020

 

Click Here

13

IBBI (Information Utilities) (Amendment) Regulations, 2020

Click Here

14

In the matter of Mr. S Rajagopal, Insolvency Professional

Click Here

15

In the matter of Mr. Kamalesh Kumar Singhania, Insolvency Professional

Click Here

16

The Insolvency and Bankruptcy Board of India amends Regulations relating to corporate insolvency proceedings

 

Click Here

 

17

Provisional List of IPs in the Panel for appointments of IP as IRP, Liquidator, RP and BT for the period from November 26, 2020 to December 31, 2020

 

Click Here

18

In the matter of Mr. Kamal Garg, Insolvency Professional

Click Here

19

Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) (Second) Guidelines, 2020

 

Click Here

 

 

20

Final Panel of IPs for appointments as IRP, Liquidator, RP and BT for a period from November 26, 2020 To December 31, 2020 prepared in accordance with Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) Guidelines, 2020

 

 

Click Here

21

Invitation of Public comments: Discussion Paper – Voluntary Liquidation Nov 2020

 

Click Here

22

In the matter of Mr. Nitesh Kumar Sinha, Insolvency Professional

Click Here

23

In the matter of PVAI Valuer Professional Organization, Registered Valuer Organization

 

Click Here

24

Reconstitution of benches of NCLT

Click Here

25

Judgment of Delhi High Court- In the matter of M/s Venus Recruiters Private Limited Vs. Union of India and Ors.

 

Click Here

26

Filing of list of creditors under clause (ca) of sub-regulation (2) of regulation 13 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016

 

Click Here

27

Quarterly Newsletter for Jul-Sep, 2020

Click Here

12. NCLT & NCLAT UPDATES

Sl. No.

Particulars

Link

1

Constitution of  Special Bench NCLT Chennai  order dated 27.11.2020

Click here

2

Constitution of  Special Bench NCLT  Mumbai on 1.12.2020

Click here

3

Re-constitution of all NCLT Benches order dated 25.11.2020

Click Here

4

Notice dated 16.11.2020- NCLT New Delhi

Click Here

5.

Notice dated 5.11.2020-E-filing at NCLT Bengaluru Bench

Click Here

     

      6.

The Court work (Virtual hearing) and filing etc. in the NCLAT will remain suspended on 1st and 2nd December, 2020. The office will also remain closed till 2nd December, 2020.

 

Click Here

1. Wadhawan urges NCLT to reject DHFL bids by 4 cos

Dewan Housing Finance Corp. Ltd’s erstwhile promoter Kapil Wadhawan has approached the National Company Law Tribunal (NCLT) against the bankrupt mortgage lender’s administrator and the committee of creditors (CoC) over the bids made by the four suitors seeking to take over its assets. Wadhawan has urged, in the application made on 24 November, 2020, that the tribunal should not allow the bids received from the four bidders, Oaktree Capital, Piramal Enterprises, Adani Group, and SC Lowy, terming their offers “absurd".

2. NCLT approves JSW Steel's acquisition of bankrupt Asian Colour Coated Ispat

Asian Colour Coated Ispat has outstanding debt of over ?5,000 crore. On 30 June, 2019, the committee of creditors accepted JSW's bid through a majority vote. The Mumbai bench of the National Company Law Tribunal (NCLT) has given green signal to JSW Steel to acquire bankrupt steel company Asian Colour Coated Ispat, more than a year after the latter's lenders approved the resolution plan. JSW Steel has offered over ?1550 crore for the 1 million tonne steel plant.

3. Any creditor of firm in liquidation can seek transfer of winding up plea from HC to NCLT: SC

??A bench headed by Chief Justice S A Bobde and justices A S Bopanna and V Ramasubramanian was faced with two legal questions as to what are the circumstances under which a winding up proceeding pending in a High court could be transferred to the NCLT and at whose instance, such transfer could be ordered.

4. NCLT excludes lockdown period in Cox & Kings resolution process

Lawyers said the order could set a precedent by establishing the duration of the lockdown, which is expected to help cases where the resolution process was hampered due to Covid-19-led restrictions.

13. MSME KEY UPDATES

Sl.

Particulars

Link

1

Shri Gadkari calls for greater utilization of Bamboo resources; reducing logistics cost

 

Click here

2

KVIC’s e-portal Brings Early Diwali for empowered Potters

 

Click Here

3

Ministry of MSME, Government of India warns unscrupulous elements against cheating people in the name of Prime Minister's Employment Generation Programme (PMEGP) Scheme

 

 

Click Here

4

New online system of MSME/Udyam Registration stands the test of Time & Technology

 

 

Click Here

5

Technology based Initiatives & Interventions of MSME Ministry to tackle COVID-19 challenge leads to Effective response to Prime Minister’s call of Atmanirbhar Bharat & Make in India

 

Click here

6

Khadi Registers Record Sale; Single-Day Sale at Flagship CP Outlet Crossed Rs 1 cr for 4 times in 40 Days

 

Click here

7

TransUnion CIBIL, MoSPI launch MSME Credit Health Index

 

Click Here

8

MSME sector created 11 crore jobs in India: Nitin Gadkari

 

Click Here

9

PSBs Disburse Rs 21,029-crore Loan to MSMEs under Credit Guarantee Scheme

 

 

Click Here

10

Procurement from and Payment to the MSEs by CPSEs goes up phenomenally in last six months

 

Click here

11

KVIC Inaugurates Khadi Exhibition in Varanasi; High Altitude Honey from Kashmir and Uttarakhand & Woolens Hog Limelight

 

Click Here

12

Odisha govt extends financial incentive to 278 MSME units

 

Click Here

   13

Government brings vehicle trade, repair under MSME development Act

 

 

Click Here

This article is updated till 30th November, 2020 with all Laws / Regulations and their respective amendments. 

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