CORPORATE Compliance MASTER
For the month of June, 2020
----------------------------------------------------------------------------------------------------------------
AUTHORS OF THIS ARTICLE:
MR. DEEPAK SETH, MEMBER OF THE INSTITUTE OF COMPANY SECRETARIES OF INDIA (ICSI).
CAN be reached at 9910248911 and contacthhpro@gmail.com
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This article contains various
Compliance requirements under Statutory Laws. Compliance means “adhering
to rules and regulations.”
Compliance Requirement Under
Tax Calendar:
A. GST Compliance Due Date Calendar
B. Income Tax Due Date Calendar
MCA - ROC Calendar:
A. MCA / ROC Due Date Calendar
B. MCA – ROC Relaxation due to
COVID-19 Outbreak
C. MCA / ROC Notifications / Updates
Tracker _ May 2020
D. Due dates of LLP Return Filing
E. IEPFA (Accounting, Audit, Transfer
and Refund) Rules 2016
Foreign Exchange Management Act, 1999 (FEMA) Calendar:
A. Compliances Under Fema / Rbi
B. RBI Circulars / Notifications
Tracker
SEBI Compliance Calendar:
Compliance Requirements under:
A. SEBI (LODR) Regulations, 2015
B. SEBI Takeover Regulations 2011
C. SEBI (Prohibition of Insider
Trading) Regulations, 2015
D. SEBI (Issue of Capital and
Disclosure Requirements) Regulations, 2018
E. SEBI (Buyback of Securities)
Regulations, 2018
F. SEBI (Depositories and
Participants) Regulations 2018)
G. Notifications / Circulars Tracker
_ 01st May. 2020 – 31st
May 2020
Other Statutory Laws and Updates
A. EPF
(The Employees’ Provident Funds
And Miscellaneous Provisions Act, 1952)
B. ESIC (Employees' State
Insurance Act, 1948)
C. Contract Labour (Regulation &Abolition) Act, 1970
D. Payment of Gratuity Rule
E. Updates Tracker
Insolvency and Bankruptcy Board of India (IBBI) Updates
A. IBC Major Updates
B. Notifications / Circular Tracker _
01st May. 2020 – 31st
May 2020
TAX Calendar
A. 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 due date for Filing GST Returns.
GST
Compliance Relaxations:
A. GSTR 3B Due Dates for May 2020
|
a. If
Turnover > 5Crore: |
b. If Turnover <
5Crore (in two parts) |
|
|
Due
date of GSTR 3B –
|
15
States/UT’s: (month
succeeding such month)
|
22
States/UT’s: (month
succeeding such month) |
|
(States:- Chhattisgarh, MP, Gujarat, Daman and Diu, Dadra
and Nagar Haveli, Maharashtra, Karnataka, Goa, Lakshadweep, Kerala, TN,
Puducherry, Andaman and Nicobar Islands, Telangana and Andhra Pradesh) |
(states:-
J&K, Laddakh, Himachal Pradesh,
Punjab, Chandigarh, Uttarakhand, Haryana, Delhi, Rajasthan, UP, Bihar,
Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya,
Assam, West Bengal, Jharkhand and Odisha) |
|
|
Due Date 27.06.2020 |
Due Date 12.07.2020 |
Due Date 14.07.2020 |
B.
Taxpayers wanting to opt for Composition in FY 2020-21
|
Form No. |
Compliance Particulars |
Period |
Extended Due Date |
|
GST CMP-02 |
Intimation in respect
of opting to pay tax under composition scheme for the FY 2020-21 |
2020-21 |
30.06.2020 |
|
GST ITC-03 |
filed by a taxpayer who
is liable to pay an amount that is equal to the input tax credit through cash
ledger or electronic credit. (in relation to above intimation) |
2019-20 (As on 31-3-2020) |
31.07.2020 |
C.
GSTR 3B Due Dates for tax periods of February, 2020 to April, 2020.
|
S. No. (1) |
Class of
registered persons (2) |
Rate of interest
(3) |
Tax period
(4) |
Condition
(5) |
|
1. |
Taxpayers
having an aggregate turnover of more
than rupees 5 crores in the preceding
financial year |
Zero
interest for 15 days + interest rate @9% p.a |
February, 2020, March 2020, April, 2020 |
If return in FORM GSTR-3B is furnished on or before the 24th day of June,
2020
|
|
2 |
Taxpayers
having an aggregate turnover of more than rupees 1.5 crores and up to rupees
five crores in the preceding financial year |
Nil |
February, 2020, March, 2020 |
If return in FORM GSTR-3B is
furnished on or before the 29th day of June, 2020 |
|
April, 2020 |
If return in FORM GSTR-3B is
furnished on or before the 30th day of June, 2020
|
|||
|
3. |
Taxpayers
having an aggregate turnover of up to rupees 1.5 crores in the preceding
financial year |
Nil |
February, 2020 |
If return in FORM GSTR-3B is furnished
on or before the 30th day of June, 2020 |
|
March, 2020 |
If return in FORM GSTR-3B is
furnished on or before the 3rd day of July, 2020 |
|||
|
April, 2020 |
If return in FORM GSTR-3B is
furnished on or before the 6th day of July, 2020.”. |
Note:
In case the return for
the said months are not furnished on or before the date mentioned in the
notification then interest @ 18% per annum shall be charged from the due date
of return, till the date on which the return is filed. In addition, regular
late fee shall also be leviable for such delay along with liability for
penalty.
D.
Taxpayers filing Form GSTR-1 either Monthly or Quarterly
|
Form No. |
Compliance Particulars |
Due Date (New)
|
|
GSTR-1 March – 2020 April – 2020 May - 2020
|
Monthly return that
should be filed by every registered dealer. It contains details of all
outward supplies i.e sales. |
On or Before 30.06.2020 |
|
GSTR-1 (Quarterly)
Jan – March 2020 |
Quarterly return that
should be filed by every registered dealer. It contains details of all
outward supplies i.e sales. |
E.
Conditional waiver of late fee for delay in furnishing returns in FORM GSTR-3B
for tax periods of February, 2020 to April, 2020.
|
S. No.
|
Class of registered persons
|
Tax period
|
Condition
|
|
1. |
Taxpayers
having an aggregate turnover of more than rupees 5 crores in
the preceding financial year |
February, 2020, March, 2020 and April, 2020
|
If return is
furnished on or before the
24.06.2020 |
|
2. |
Taxpayers having an
aggregate turnover of more than rupees 1.5 crores and up to rupees five
crores in the preceding
financial year
|
February, 2020 and March,
2020 |
If return is
furnished on or before the
29.06.2020 |
|
April, 2020 |
If return is
furnished on or before the
30.06.2020 |
||
|
2. |
Taxpayers having an
aggregate turnover of more than rupees 1.5 crores and up to rupees five
crores in the preceding
financial year |
February, 2020
|
If return is
furnished on or before the
30.06.2020 |
|
March, 2020 |
If return is
furnished on or before the
03.07.2020 |
||
|
April, 2020 |
If return is
furnished on or before the
03.07.2020 |
F. Compliance
Related to E-way bills:
·
Validity
of E-way Bill
·
Where e-way bill expires
between 20.03.2020 and 15.04.2020, validity deemed to have been extended till
30.04.2020
·
Extension
of time limit till 30th June
·
For completion or
compliance of any action due date of which falls between 20th March, 2020 to 29th
June, 2020
G.
Compliances for Composition taxpayers
|
Form No. |
Compliance Particulars |
Due Date (New)
|
|
GST CMP-08 |
Registered person
availing the benefit provided under Notification 2/2019 – Central Tax (Rate)
shall be required to furnish details of self-assessed tax in Form GST CMP-08 for quarter
ending March 2020
|
07.07.2020 |
|
GSTR-4 |
The yearly return for
2019-20 shall be required to be filed in Form GSTR 4 by the above persons
|
15.07.2020 |
H. Non Resident Tax Payers, ISD, TDS
& TCS Taxpayers
- (for
the month of March, April & May, 2020)
|
Form No. |
Compliance Particulars |
Due Date |
Due Date (New)
|
|
GSTR -5 |
Non-Resident Taxpayers |
20th of succeeding
month |
30.06.2020 |
|
GSTR -6 |
Input Service
Distributors |
13th of succeeding month |
30.06.2020 |
|
GSTR -7 |
Tax Deductors at Source
(TDS deductors) |
10th of succeeding
month |
30.06.2020 |
|
GSTR -8 |
Tax Collectors at
Source (TCS collectors) |
10th of succeeding month |
30.06.2020 |
Key
UPDATES Tracker:
1. BEWARE of FRAUD website https://onlinefilingindia.in It is trying to BAIT
taxpayers to reveal personal and bank details. DO NOT respond to messages,
mails and lookalike websites which ask for your personal details.
2. Facility for registration of IRP/RPs made available on the GST
Portal.
The Insolvency Resolution Professionals/ Resolution
Professionals (IRPs/RPs), appointed to undertake corporate insolvency
resolution proceedings for Corporate Debtors, can apply for new registration on
GST Portal, on behalf of the Corporate Debtors, in each of the States or Union
Territories, on the PAN and CIN of the Corporate Debtor, where the corporate
debtor was registered earlier, in terms of Notification No. 11/2020-CT, dated
21st March, 2020 and as amended vide Notification No. 39/2020-CT, dated 5th
May, 2020. The IRP / RP are required to obtain a new registration within thirty
days of their appointment as IRP/RP or by 30th June, 2020, whichever is later,
except in cases where the corporate debtors have filed Form GSTR-1 and Form
GSTR-3B, for all the tax periods prior to the appointment of IRP/RP.
Link: https://www.gst.gov.in/newsandupdates/read/377
B. Compliance
requirement under Income Tax act, 1961
|
Applicable Laws/Acts
|
Compliance Particulars |
Due Dates |
Revised Due Dates |
|
Income Tax Act, 1961 |
Filing of belated
return for the Assessment Year 2019-20 |
31.03.2020 |
30.06.2020 |
|
Income Tax Act, 1961 |
Filing of revised
return for the Assessment Year 2019-20 |
31.03.2020 |
30.06.2020 |
|
Income Tax Act, 1961
|
Sending an intimation
after processing of return of income (ITR), if the return is filed: a) During Financial
Year 2018-19 under section 139; b) During Financial
Year 2018-19 in response to a notice issued under section 142(1)
|
31.03.2020 |
30.06.2020 |
|
Income Tax Act, 1961 |
Furnishing of TDS
Statement for the fourth quarter (Jan – March, 2020) of the Financial Year
2019-20 |
31.05.2020 |
30.06.2020 |
|
Income Tax Act, 1961 |
Furnishing of TDS Statement in form
26QB/26QC/26QD for the month of a) February, 2020 b) March, 2020 c) April, 2020 |
30.03.2020
30.04.2020
30.05.2020
|
30.06.2020 |
|
Income Tax Act, 1961 |
Furnishing of TCS Statement for
fourth quarter of the Financial Year 2019-20
|
15.05.2020 |
30.06.2020 |
|
Income Tax Act, 1961 |
Issue of TCS certificate for the
fourth quarter of the Financial Year 2019-20
|
30.05.2020 |
30.06.2020 |
|
Income Tax Act, 1961 |
Furnishing of Form 24G by an office
of the Government for the month of a) March, 2020 b) April, 2020 c) May, 2020 |
30.04.2020
15.05.2020
15.06.2020 |
30.06.2020 |
|
Income Tax Act, 1961 |
Due date to send the intimation for
processing of statement of TDS/TCS filed during the Financial Year 2018-19 |
31.03.2020 |
30.06.2020 |
|
Income Tax Act, 1961 |
Investment in 80C/ 80D, Capital
Gain investment schemes, Donations etc. |
31.03.2020 |
30.06.2020 |
|
Income Tax Act, 1961 |
Vivad se Vishwas Scheme (Not liable to pay additional 10%.
No interest and penalty will be applicable) |
31.03.2020 |
31.12.2020 |
Ø Importatnt updates:
1. The CBDT vide the
Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 dated 31-03-2020
has extended all respective due dates, falling during the period from
20-03-2020 to 29-06-2020, till June 30, 2020.
2. The benefit of
extended due date shall not be available in respect of payment of tax. However,
any delay in payment of tax which is due for payment from 20-03-2020 to
29-06-2020 shall attract interest at the lower rate of 0.75% for every month or
part thereof if same is paid after the due date but on or before 30-06-2020.
3. PAN-Aadhaar
linking deadline FURTHER extended to JUNE, 2020
The due date for
linking of PAN with Aadhaar as specified under sub-section 2 of Section 139AA
of the Income-tax Act,1961 has been extended from 31st December, 2019 to 31st
March, 2020 and further extended to 30th June, 2020 due to COVID – 19 outbreak.
4. Income
Tax Refund: CBDT has announced all pending
Income Tax Refunds up to 5 Lakhs in order to help in COVID-19 situation.
5. Income
tax return filing: Income tax return filing dates with respect to all
assesses (Individual, Non-Individual cases, audit and non-audit cases) are
extended till 30th Nov, 2020
6. Replying
to Notices, Assessments, Appeals, Revisional matters and any compliance matters
Taxpayers will
get more time for replying to notices, assessments, appeals and compliances,
till 30.06.2020
7. The deadline for
employers to issue the TDS certificate, i.e., Form 16 for FY2019-20 to
employees stands extended to June 30, 2020.
8. MINISTRY OF
FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) vide
Notification No. 31/2020/F. No. 370142/32/2019-TPL, G.S.R. 338(E) dated 29th
May, 2020 has notifies ITR Form ―Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form
Sugam (ITR-4), Form ITR-5, Form ITR-6, Form ITR-7 and Form ITR-V for Assessment
Year 2020-21 i.e. financial Year 2019-20.
MCA - ROC
Calendar:
A. 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. http://www.mca.gov.in/Ministry/pdf/CompaniesFourthAmendmentRules_19122018.pdf
|
MCA E- Form
INC 20A |
|
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 https://enlightengovernance.blogspot.com/2019/07/draft-format-for-ben-1-sbo-rules-2018.html |
|
Companies Act, 2013
|
30.09.2020
(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 ) http://www.mca.gov.in/Ministry/pdf/GeneralCircular_24092019.pdf BEN -2 due
date extended till 31.03.2020 Circulars
Link: |
Form BEN –
2 (e-form deployed by Ministry (ROC)) on 01.07.2019 |
|
Companies Act, 2013
|
File between 1st April,
2020 to 30th September, 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 : http://www.mca.gov.in/Ministry/pdf/CompaniesRegistrationOfficesFeesRule_25042019.pdf
|
Active Form INC -22A |
|
Companies Act, 2013
|
File between 1st April,
2020 to 30th September, 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 http://www.mca.gov.in/Ministry/pdf/Companies5thAmendtRules_30092019.pdf and http://www.mca.gov.in/Ministry/pdf/Companies4thAmendtRules_30092019.pdf Annual Exercise: http://www.mca.gov.in/Ministry/pdf/DIR3KYCcompleteMessage_13042019.pdf 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 http://www.mca.gov.in/Ministry/pdf/Rules_23052019.pdf Extension Notification: http://www.mca.gov.in/Ministry/pdf/FormPAS6_28112019.pdf
|
E-Form PAS
– 6 (E-Form, Not yet deployed) |
|
Companies Act, 2013 |
Within 210 days from the date of deployment of this Form |
Annual
Return To Be Filed By Auditor With The National Financial Reporting Authority |
NFRA-2 (form not
yet deployed) |
B. MCA – ROC Relaxation
due to COVID-19 Outbreak:
·
No additional fees shall be charged for late filing during a
moratorium period from 01st April to 30th September 2020, in respect of any
document, return, statement etc., required to be filed in the MCA-21 Registry,
irrespective of its due date, which will not only reduce the compliance burden,
including financial burden of companies/ LLPs at large, but also enable
long-standing noncompliant companies/ LLPs to make a ‘fresh start’;.
·
The mandatory requirement of holding meetings of the Board of
the companies within prescribed interval provided in the Companies Act (120
days), 2013, shall be extended by a period of 60 days till next two quarters
i.e., till 30th September;
·
Independent Directors are required to hold at least one meeting
without the attendance of Non-independent directors and members of management.
For the year 2019-20, if the IDs of a company have not been able to hold even
one meeting, the same shall not be viewed as a violation
·
Non-compliance of minimum residency in India for a period of at
least 182 days by at least one director
of every company, under Section 149 of the Companies Act, shall not be treated
as a violation.
C. MCA – ROC Updates:
1.
Relaxation of additional
fees and extension of last date in filing of forms MGT-7 (Annual Return) and
AOC-4 (Financial Statement) under the Companies Act, 2013- UT of J&K and UT
of Ladakh
extension of time for filing of financial statements for the
financial year ended 31.03.2019. Therefore, it has been decided to extend the
due date for filing of e-forms AOC-4, AOC-4 (CFS) AOC-4 XBRL and e-form MGT-7
upto 30.06.2020, for companies having jurisdiction in the UT of J&K and UT
of Ladakh without levy of additional fee.’
2. MCA
REVISED FAQ’S ON NAME RESERVATION AND RESUBMISSION FORMS
In view of the
situation arising due to COVID-19 pandemic and extended lockdown period,
Ministry of Corporate Affairs vide notification / circular dated 20th day of May, 2020 has issued
Circular with respect to PERIOD/DAYS OF EXTENSION FOR NAMES RESERVED AND
RESUBMISSION OF FORMS.
Several
representations have been received from stakeholders with regard to difficulty
in incorporation / resubmission of incorporation forms due to COVID-19.
Read MCA Circular at:
http://www.mca.gov.in/Ministry/pdf/Extension_22042020.pdf
C. LLP Law Updates:
v Due dates of LLP Return
Filing:
LLP Form 11 (Filing of Annual Return) : within 60 days of closer
of financial year (For F.Y. 2018-19 due
date is 30-05-2019 and can be filed upto 30.09.2020 without any additional
fees.
The charge details i.e. creation, modification or satisfaction
of charge, can be filed through Appendix to e-Form 8 (Interim)
D. MCA Monthly UPdate
Calendar: 01st may to 31st may 2020
|
Sl. No.
|
Particulars of the
Circulars |
Link |
|
1 |
MCA Clarification on holding of annual general
meeting (AGM) through video conferencing (VC) or other audio visual means
(OAVM).
|
|
|
2 |
Clarification on dispatch of notice
under section 62(2) of Companies Act, 2013 by listed companies for rights
issue opening upto 31st July, 2020
|
http://www.mca.gov.in/Ministry/pdf/Circular21_11052020.pdf
|
|
3 |
PERIOD/DAYS OF EXTENSION FOR NAMES
RESERVED AND RESUBMISSION OF FORMS
|
|
|
4 |
The MCA department has amended Schedule VII of
Companies Act, 2013 by adding PM CARES as CSR
|
E. IEPFA (Accounting,
Audit, Transfer and Refund) Rules, 2016
|
Circular No. |
Compliance Particular |
Relaxation |
|
General Circular No. 16 /2020 dated 13.04.2020 |
Filings under Companies Act 2013 w.r.t IEPFA (Accounting, Audit,
Transfer and Refund) Rules 2016 in view of emerging situation due to COVID-
19
IEFF e-forms (IEPF-1, IEFF-1A, IEPF-2, IEPF-3, IEPF-4, IEPF -7) and
e-verification of claims filed in e-form IEPF-5 |
Relaxation has been sought in provisions related to transfer of money
remaining unpaid or unclaimed for a period of 7 years in terms of the
provision of section 124(5) of the Companies Act, 2013 and transfer of shares under Section 124(6)
of the Act read with the IEPFA (Accounting, Audit, Transfer and Refund)
Rules.
It has been clarified that MCA has already allowed filing without
additional fees till 30th September, 2020 through General Circular No. 11/2020,
dated 24th March, 2020 and General Circular No. 12/2020 dated 30th March,
2020. Link: http://www.mca.gov.in/Ministry/pdf/Circular16_13042020.pdf
|
FEMA / RBI Calendar:
A. Compliances
under FEMA / RBI
|
Applicable Laws/Acts
|
Due Dates |
Compliance
Particulars |
Forms / (Filing mode) |
|
FEMA ACT 1999 |
July 15 every year |
Annual Return on Foreign liabilities and assets. The FLA return is
required to be submitted by the companies who have received Foreign direct
investment (FDI) and/or made Foreign direct investment abroad in the previous
year(s) including the current year |
FLA Return |
|
FEMA ACT 1999 |
Monthly Basis |
External Commercial Borrowings Borrowers are required to report all ECB transactions to the RBI on a
monthly basis through an AD Category – I Bank in the form of ‘ECB 2 Return’. |
ECB 2 Return |
|
FEMA ACT 1999 |
Not later than 30 days from the date of issue of Capital instrument
|
FC-GPR is a form filed when the Indian company receives the Foreign
Direct Investment and the company allots shares to a person resident outside
India. |
Form FC-GPR |
|
FEMA ACT 1999 |
With in 60 days of receipt/ remittance of funds or transfer of capital
instruments whichever is earlier.
|
Reporting of transfer of shares and other eligible securities between
residents and non-residents and vice- versa is to be made in Form FC-TRS. The onus of reporting shall be on the resident transferor/ transferee. |
Form FC-TRS. |
|
FEMA ACT 1999 |
within 30 days from the date of receipt of the amount of consideration. |
A Limited Liability Partnership receiving amount of consideration and
acquisition of profit shares is required to submit a report in
the Form FDI LLP-1 |
Form FDI LLP-I |
|
FEMA ACT 1999 |
within 60 days from the date of receipt of funds in |
A Limited liability Partnership shall report disinvestment/ transfer of
capital contribution or profit share between a resident and a non resident
(or vice versa) |
Form FDI LLP-II |
B. RBI Circulars / Notifications
TRACKER :
|
SN
|
Date & Circular |
Particulars of the
Circulars |
Link |
|
1 |
May 13, 2020
RBI/2019-20/ 231 DOR. Dir. BC. No. 69/04.02.001 /2019-20 |
Interest Equalisation Scheme on Pre and Post Shipment Rupee Export
Credit- Extension |
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11887&Mode=0 |
|
2 |
RBI/2019-20/
232 A.P.(DIR Series) Circular No.31
May 18, 2020 |
Risk Management and Inter-bank Dealings – Hedging of Foreign Exchange
Risk-Date of Implementation |
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11888&Mode=0 |
|
3 |
RBI/2019-20/
233 FMRD.FMID.26/02.05.002/ 2019-20 May 18, 2020 |
Reporting Platform for OTC Derivatives – Transactions undertaken by
IFSC Banking Units (IBUs) and non-deliverable derivative contracts (involving
Rupee or otherwise) |
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11889&Mode=0 |
|
4 |
RBI/2019-20/
235 DOR.NBFC (HFC). CC.No.111/03.10.136/2019-20 May 19, 2020 |
Extending Master Direction – Know Your Customer (KYC) Direction, 2016
to Housing Finance Companies |
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11892&Mode=0 |
|
5 |
RBI/2019-20/237 FMOD. MAOG.No.142/01.01.001/
2019-20 22 MAY, 2020 |
Liquidity Adjustment Facility – Repo and Reverse Repo Rates |
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11894&Mode=0 |
|
6 |
RBI/2019-20/239 A.P. (DIR Series) Circular No.32 22 May, 2020
|
‘Voluntary Retention Route’ (VRR) for Foreign Portfolio Investors
(FPIs) investment in debt - relaxations |
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11896&Mode=0 |
|
7 |
RBI/2019-20/242 A.P. (DIR Series) Circular No.33
22 May, 2020 |
Import of goods and services- Extension of time limits for Settlement
of import payment |
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11900&Mode=0 |
|
8 |
RBI/2019-20/244 DOR.No.BP.BC.71/21.04.048/2019-20
May 23, 2020 |
COVID-19 – Regulatory Package |
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11902&Mode=0
|
|
10 |
RBI/2019-20/245 DOR.No.BP.BC.72/21.04.048/2019-20 May 23, 2020 |
COVID19 Regulatory Package – Review of Resolution Timelines under the
Prudential Framework on Resolution of Stressed Assets |
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11903&Mode=0 |
SEBI Compliance Calendar:
A. Compliance Requirement under SEBI
(LODR) Regulations, 2015
v Half Yearly Compliances
|
Sl. No. |
Regulation No. |
Compliance Particular |
Compliance Period (Due Date) |
Revised Due Date |
|
1 |
Regulation 7(3) |
Compliance Certificate
certifying maintaining physical and electronic transfer facility |
Within one month of end
of each half of the financial year (on or before 30 April,
2019)
|
31.05.2020 |
|
2 |
Regulation 40(9) |
Certificate from
Practicing Company Secretary (PCS) |
Within one month of end
of each half of the financial year (on or before 30 April,
2019)
|
31.05.2020 |
|
3 |
Regulation 33 |
Quarterly / Annually Relating to Financial
Results |
Un audited Financial Results
within 45 days & Audited finance within 60 days
Q. 15.05.2020 A. 30.05.2020 |
30.06.2020 |
v Event based Compliances
|
Sl. No. |
Regulation No. |
Compliance Particular |
Compliance Period (Due Date)
|
|
1. |
Regulation 7 (5) |
Intimation of appointment / Change of Share Transfer Agent.
|
Within 7 days of Agreement with RTA. |
|
2. |
Regulation
17(2) |
Meeting of Board of Directors
|
COVID-19 Relaxation: The board of directors and
Audit Committee of the listed
entity are exempted
from observing the maximum stipulated time gap between two meetings
for the meetings held or proposed to be held between the period December 1,
2019 and June 30, 2020.
However the
board of directors
/ Audit Committee shall
ensure that they
meet at least four times a year, as stipulated under regulations 17(2)
and 18(2)(a) of the LODR.
|
|
3. |
Regulation
18(2) |
Meeting of the audit committee
|
|
|
4. |
Regulation 29 |
Notice for Board
Meeting to consider the prescribed matters. |
COVID19 Relaxation Board
meetings in all cases – 2 days in respect of
Board Meetings held till July 31, 2020. |
|
5 |
Regulation
30 |
Outcome of Board Meeting (Schedule III Part A- (4) |
within
30 minutes of the closure of the meeting |
|
6. |
Regulation
39 (3) |
Intimation to Stock Exchanges regarding loss of share
certificates and issue of the duplicate certificates - within 2 days of its getting information |
Extension
granted: No penalty for delay in intimation
made between March 1 to May 31, 2020 |
|
7. |
Regulation
40 |
Transfer or transmission or transposition of securities |
After due verification of the documents, the Listed Company
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
15 days from the date of such receipt of request for transfer:
Transmission requests
are processed for securities held in dematerialized mode and physical mode within 7 days and 21 days
respectively, after receipt of the specified documents
|
|
8. |
Regulation
43 |
Declaration of Dividend
|
The company has to declare and disclose the dividend on per
share basis only.
|
|
9. |
Regulation
46 |
Company Website:. Listed entity shall disseminate the information as stated in
Regulation 46 (2)
|
Shall update any change in the content of its website within 2 working days from the date of such change
in content.
|
|
10. |
Regulation
50 |
Intimation to stock exchange(s). |
Listed Company shall give prior intimation at least 11 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. |
Regulation
57 |
Other submissions to stock exchange(s). |
Listed Company shall submit a certificate to the stock
exchange within 2 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.
|
|
12. |
Regulation
82 |
Intimation and filings with stock exchange(s). |
Intention to
issue new securitized debt instruments either through a public issue or on
private placement basis :
Reg. 82(2) : Intimation of Meeting at least 2 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
|
|
13. |
SCHEDULE III PART
A: DISCLOSURES OF EVENTS OR INFORMATION: SPECIFIED SECURITIES |
Events which shall be disclosed without any application of the
guidelines for materiality as specified in sub-regulation (4) of regulation
(30)
|
(7B) In case of resignation of an independent director of the
listed entity, within 7 days from the
date of resignation, the following disclosures shall be made to the stock
exchanges by the listed entities as mentioned in 7B (i), 7B(ii) &
7B(iii).
|
|
14. |
Regulation
106J |
Period of subscription and issue of allotment letter. |
A rights issue shall be open for subscription in India for a
period as applicable under the laws of its home country but in no case less than 10 days.
|
|
15. |
Regulation
108 |
Application for Listing. |
The issuer / the issuing company, shall, make an application
for listing, within 20 days from the
date of allotment, to one or more recognized stock exchange(s) along with
the documents specified by stock exchange(s) from time to time.
|
|
16. |
Regulation
23 |
Corporate governance requirements with respect to subsidiary
of listed entity |
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.
|
|
17. |
Regulation
24A |
Secretarial Audit
Due date Extended to 30.06.2020 |
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.
On or before: 30th
day of May (within 60
days from the Closure of FY)
|
|
18. |
Regulation
23(9) |
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.
|
Disclosure Of Related Party
Transactions Pursuant To Regulation 23(9) Of The SEBI (Listing Obligations And
Disclosure Requirements) Regulations, 2015 WITHIN 30 days from the date of
publication of Financial Results (for half year )
|
|
19. |
Regulation 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. |
within 48 hours of conclusion of its General Meeting |
|
20. |
Regulation 31A |
Re-classification of status of a
promoter/ person belonging to promoter group to public
an application for
re-classification to the stock exchanges has been 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.
|
Not later than 30 days of general Meeting |
|
21. |
Regulation 50(1) (Debt OR Non-Convertible
Redeemable Preference Shares Or Both) |
Intimation to stock exchange(s). Listed Company shall give prior
intimation at least 11 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.
|
at least 11 working days |
|
22.
|
Regulation 50(3) (Debt OR Non-Convertible
Redeemable Preference Shares Or Both) |
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.
|
at least 2 working days in advance, excluding the date
of the intimation and date of the meeting |
|
23. |
Regulation 52(5) (Debt OR Non-Convertible
Redeemable Preference Shares Or Both) |
The listed entity shall, within seven working days from the date of
submission of the information required under sub- regulation (4),ie
information submitted with Financial Results submit to stock exchange(s), a
certificate signed by debenture trustee that it has taken note of the
contents. |
7 working days of FR |
|
24. |
Regulation 57 (Debt OR Non-Convertible
Redeemable Preference Shares Or Both) |
Other submissions to stock
exchange(s). Listed Company shall submit a
certificate to the stock exchange within
2 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 |
Few More SEBI (LODR) Relaxations:
|
Sl. No.
|
Compliance Particulars |
Due Date |
Extended Due Date |
||
|
1 |
Regulation 44(5) relating
to holding of AGM by top 100 listed entities by market capitalization for FY
19-20 Relaxations on holding AGM by top 100 listed
entities vide circular dated April 23, 2020 |
31.08.2020 |
30.09.2020
|
||
|
2. |
Regulation 19(3A) The nomination and
remuneration committee shall meet at
least once in a year
Regulation 20(3A) The Stakeholders
Relationship committee shall meet at least
once in a year.
Regulation 21(3A) The Risk Management
Committee shall meet at least once in a
year.
|
31.03.2020 |
30.06.2020
Nomination and Remuneration Committee, Stakeholder Relationship
Committee and Risk Management Committee shall meet atleast once in a year
extended by 3 months i.e. June 30, 2020 |
||
|
3. |
Regulation 47:
Publication of advertisements in
the newspapers
|
It has been decided to exempt publication of advertisements in
newspapers as required under regulation 47 for all events. No advertisement publication in newspaper required for events
taking place up to June 30, 2020 |
|||
|
4 |
Regulation 52 (1) and (2) relating to Financial Results
a) 45 days from the end of the Half Year b) 60 days from the end of Financial Year for Annual Financial
Results |
15.05.2020 30.05.2020 |
30.06.2020 30.06.2020
|
||
|
5. |
Regulation 44(5) holding of Annual General Meeting (AGM) by top 100 listed
entities by market capitalization, due to the COVID –19 pandemic |
31.08.2020 |
30.09.2020
|
||
|
6. |
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 |
|||
|
7. |
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 |
|||
|
8. |
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.
|
|||
|
9. |
Regulation 52(8) Newspaper publication of financial results
|
Within 2 calendar days of the conclusion of the meeting of the
board of directors |
No advertisement publication in newspaper required for events
taking place up to June 30, 2020
|
||
|
10. |
Regulation 33(3)(b) All listed entities having subsidiaries must submit
quarterly/year-to-date consolidated financial results on a quarterly basis.
The Companies (Indian Accounting Standards) Rules, 2015 provide for the
phased adoption of Ind AS is currently applicable to all listed entities
except entities in the banking and insurance sectors |
Considering the challenges faced in preparing consolidated
financial results due to different accounting standards being followed,
listed entities that are in or have subsidiaries in the banking or insurance
sectors may submit consolidated financials for the quarter ended June 30,
2020 voluntarily. Entities that choose to publish only standalone results
must provide reasons for doing so. however, such entities must continue to submit
quarterly/year-to-date standalone financial results.
|
|||
|
11. |
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 June 30, 2020
|
|||
B. SEBI (Substantial Acquisition of Shares and
Takeovers) Regulations, 2011
|
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
Due Date Extended
It has been 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 |
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 |
C.
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 |
D.
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 |
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
Advertisement |
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. |
|
E.
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 |
F. SEBI (Depositories and Participants)
Regulations 2018)
|
Sl. No.
|
Compliance Particulars |
Due Date |
Extended Due Date |
|
1. |
Regulation 76 Reconciliation of Shares and Capital Audit |
30.04.2020 |
Equivalent
period of lock down declared by Government of India i.e. 21 days, over
and above the prescribed time limits |
|
2. |
Regulation 74 (5) Certificate Received from Registrar |
|
G. List of BSE Circulars:
|
Circulars |
Date |
|
Extension of due date
for payment of Annual Listing Fees - F.Y. 2020-21 |
May 28, 2020 |
|
May 20, 2020 |
|
|
Relaxations relating
to procedural matters – Takeovers and Buy-back. |
May 18, 2020 |
|
May 18, 2020 |
|
|
May 13, 2020 |
|
|
Relaxations relating
to procedural matters – Issues and Listing |
May 13, 2020 |
All BSE circulars are available at:
https://www.bseindia.com/corporates/CirularToListedComp.html
q
Key announcements:
1. BSE SME LISTING ELIGIBILITY NORMS REVISED
DUE TO COVID-19
Bombay Stock Exchange (BSE)
vide notice no. 20200522-21 dated 22nd May, 2020 has issued Notification
related to “Relaxation in Eligibility Criteria for SMEs in view of Covid-19
Pandemic Situation”.
This circular has been
issued to amend BSE circular dated 19th April 2012 related to eligibility criteria
for companies seeking listing on BSE SME Platform as well as the guidelines for
migration from SME Platform to main platform of BSE Ltd.
Applicability : applicable
with effect from June 1, 2020.
Link: https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20200522-21
2. Extension of due
date for payment of Annual Listing Fees - F.Y. 2020-21 - BSE
Kindly note that due to
current pandemic situation and lockdown measures across the country, the due
date for payment of Annual Listing Fees for F. Y. 2020-21 has been
extended to June 30, 2020.
Link: https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20200528-11
3. “ADDITIONAL DISCLOSURE UNDER FINANCIAL
STATEMENTS AS PER REG. 33 OF THE SEBI LODR 2015”
Securities and Exchange Board of India (SEBI) vide
Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/84 dated 20th May, 2020 has issued
Notification related to “Advisory on disclosure of material impact of COVID–19
pandemic on listed entities under SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (‘LODR Regulations’/‘LODR’)” in exercise of the
powers conferred under Section 11(1) of the Securities and Exchange Board of
India Act, 1992 read with Regulation 101 of the LODR Regulations.
Other Statutory Laws and Updates
|
Applicable Laws/Acts
|
Due Dates |
Compliance Particulars |
Forms / (Filing mode) |
|
EPF (The Employees’ Provident Funds And
Miscellaneous Provisions Act, 1952) |
15.06.2020 |
PF Payment
for May 2020 |
ECR |
|
ESIC (Employees'
State Insurance Act, 1948)
|
11.06.2020 |
ESIC Payment (February & March 2020) |
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 |
|
Contract Labour (Regulation
&Abolition) Act, 1970 |
Within 15 Days of
commencement/completion of contract work |
Notice of commencement/ completion of contract work by the
Contractor within 15 days |
Form VI-A |
|
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 |
q Key Update:
1. Pradhan Mantri Garib Kalyan Yojana: A Scheme to implement the PMGKY package
for credit of employee’s & employer’s share of EPF & EPS
contributions (24% of wages) for three months (March 2020 to May
2020) by Govt. of India.
2. ESI Return
due date Extended:
The Employees State Insurance Corporation, vide Circular no.
P-11/12/Misc./1/2019(M)-Rev.II dated 18th March, 2020 has provide “Relaxation
of time limit for filing and depositing ESI Contribution for the month of
February, 2020 and March 2020.
3. EPFO operationalizes Pradhan Mantri Garib
Kalyan Package for Low Wage Earning EPF Member and EPF covered Establishments
with upto 100 Employees:
-
Relief available for 6 months from March – August, 2020
-
ECR with declaration to be filed to avail benefits of
eligible employees and establishments.
-
Eligible Establishments remitting for March, 2020 prior to
PMGKY ECR Facility have to update Bank details in Form 5A to get
re-imbursement.
4.
Do not worry: if you have already filed ECR for March, 2020
without declaration and paid the dues the relief amount will be reimbursed by
EPFO.
5. Extension of ESI Coverage
-
to employess working in establishments with less than 10
employees on voluntary basis.
-
Mandatory ESI Coverage through notification by the Central
Government for employess in hazardous industries with less than 10 employees.
6.
Reduction in EPF contribution by
employees and employers to 10% instead of 12%:
The government via a notification dated May 18, 2020 has
notified the cut in EPF contribution by employees and employers to 10% from the
existing 12%. The cut in EPF contribution will be applicable for the months of
May, June and July 2020.
Insolvency and Bankruptcy Board of India (IBBI)
A.
IBBI Updates {Insolvency and Bankruptcy Board of India}
Due to the emerging financial distress faced by most
companies on account of the large-scale economic distress caused by COVID 19,
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. If the
current situation continues beyond 30th of April 2020, we may consider
suspending section 7, 9 and 10 of the IBC 2016 for a period of 6 months so as
to stop companies at large from being forced into insolvency proceedings in
such force majeure causes of default.
B. Important Notifications and Circulars Tracker
|
S.
N.
|
Notification(s) |
Link(s) |
|
1.
|
Insolvency and Bankruptcy Board of India invites comments from
public on the Regulations notified under the Insolvency and Bankruptcy Code,
2016. |
https://ibbi.gov.in//uploads/press/6408370b268c3a50c61bf75118493198.pdf
|
|
2. |
IBBI's communication dated 8th May 2020 - Role of Resolution
Professional / Liquidator in respect of Avoidance Transactions |
https://www.ibbi.gov.in/uploads/whatsnew/3d9849d4c72be198d901ba78006005cf.pdf |
|
3 |
Expression of Interest for Group Term Life Insurance for
Employees of IBBI |
https://www.ibbi.gov.in/uploads/whatsnew/050bb51aa45fcf2267cbece7989ff4ac.pdf |
|
4 |
Amendments in the Notification in the Ministry of Finance
(Department of Revenue), No.11-2020- Central Tax, dated the 21st March, 2020 |
https://www.ibbi.gov.in/uploads/legalframwork/3abd46740ba9bc99609e5c865f7257d3.pdf |
|
5 |
Order of NCLT to file default record from the IU for
application under section 7 of the Code |
https://www.ibbi.gov.in/uploads/legalframwork/e3daa98bab56a6098c4e9356b93095bb.pdf
|
|
6 |
Notice-Cancellation of Summer
Vacation of NCLT benches |
https://www.ibbi.gov.in/uploads/whatsnew/36525f49498e355468ca6bb2d38ed573.pdf
|
|
7 |
Notice-Cancellation of Annual
Vacation of NCLAT |
https://www.ibbi.gov.in/uploads/whatsnew/d946af655fb0a7ac20c3e93398dcc681.pdf
|
|
8. |
Research Paper- Merger control
for IRPs: Do acquisitions of distressed firms warrant competition scrutiny? |
https://ibbi.gov.in/uploads/publication/dc195510e9141a689e41ad181ab66cea.pdf |
|
9. |
IBBI reconstitutes Advisory
Committee on Service Providers |
https://www.ibbi.gov.in/uploads/whatsnew/d74665ac8cf2b2ad533a4c503927d54b.pdf
|
|
10. |
Resumption of Limited
Insolvency Examination |
https://www.ibbi.gov.in/uploads/whatsnew/f12d1e3d665d653bf9c20d8f37b239e9.pdf
|
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DISCLAIMER: The Article is based on the Relevant Provisions and
as per the information existing at the time of the preparation. In no event we
shall be liable for any direct and indirect result from this document. This is
only a knowledge sharing initiative. This article is updated till 31st
May, 2020 with all Laws / Regulations and their respective amendments.
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