ICSI Request to MCA for relaxations in the provisions of the CA, 2013- COVID-19
The pandemic has cast its
shadow across various economic activities with massive dislocation in global production, supply chains and trade.
In wake of the current nationwide lock
down as directed by Government of India due to issue of Covid-19, a need has been
felt to extend the timelines for processing of various investor requests.
As your goodself are already aware that
due to COVID-19, there is a total lockdown imposed on transport and movement of
people by the Government. In this ICSI, vide Reference no. MCA: April: 2020
dated 30th April, 2020 request ministry to consider
granting further relaxations from some of the compliances under the Companies
Act, 2013 as below:
1. Exemption from requirement of dispatching the physical copies of the Annual Report
2. Allowing Companies to pass circular resolutions for restricted matters without the requirement of conducting a Board meeting.3. Transfer of dividend amount in separate bank account within 5 days and payment with 30 days, including dispatch of physical dividend warrants through post.
4. Extension of date for utilisation of CSR spends beyond 31st March, 2020
5. Transfer of unpaid amount / shares to IEPF in terms of Section 124(5) & 124(6) of the Act
6. Filing of Form MGT-14& Form INC – 28 (for order of Central Government for condonation of delay) beyond the prescribed time period and Form SH – 7 for increase in authorized share capital
DISCLAIMER: THE
ARTICLE IS BASED ON THE RELEVANT PROVISIONS AND AS PER THE INFORMATION EXISTING
AT THE TIME OF THE PREPARATION. IN NO EVENT I SHALL BE LIABLE FOR ANY DIRECT
AND INDIRECT RESULT FROM THIS ARTICLE. THIS IS ONLY A KNOWLEDGE SHARING
INITIATIVE.
THE AUTHOR
– CS DEEPAK SETH (ASSOCIATE PARTNER HELPINGHANDS PROFESSIONALS LLP) AND
CAN BE REACHED AT CONTACTHHPRO@GMAIL.COM OR 9910248911.
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