Latest Amendment on Relaxation of Due Dates- By MCA/SEBI due to CoVID-19- Series 562
Latest Amendment on Relaxation of Due Dates-
By MCA/SEBI due to CoVID-19
Ministry of Corporate
Affair relaxation
Board Meeting (Video Conferencing):
As per Section
173(2) Companies can hold Board Meeting through Audio/Visual means. However as
per rule 4 following transactions are restricted to transact through Video
Conferencing:
a) the approval of the annual financial
statements;
b) the approval of the Board’s report;
c) the approval of the prospectus;
d) the Audit Committee Meetings for 2[consideration of financial statement
including consolidated financial statement if any, to be approved by the board
under sub-section (1) of section 134 of the Act]; and
e) the approval of the matter relating to
amalgamation, merger, demerger, acquisition and takeover.
Latest Amendment/ Relaxation:
As per MCA
relaxation dated 19th March, 2020 The Govt. has decided to relax the
requirement of holding of Board Meeting with physical presence of directors u/s
173(2) rule 4 for approval of :
·
Financial
Statement
·
Directors Report
May call video
conferencing meeting till 30th June, 2020.
Therefore, till 30th June, 2020
Companies can call meeting through video conferencing for approval of financial
statement, Board Report etc.
SEBI (LODR) 2015 -
Relaxation
A.
Relaxation in Due Dates:
SEBI has decided
to grant the following relaxations from compliance stipulations specified under
the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
(‘LODR’) to listed entities:
|
Sr. No.
|
Regulation and associated filing
|
Filing
|
Relaxation w.r.t the quarter/
financial year ending March 31, 2020
|
|||
|
|
|
Frequency
|
Due within
|
Due date
|
Extended
|
Period of relaxation
|
|
1.
|
Regulation 7(3) relating to compliance
certificate on share transfer facility
|
Half Yearly
|
One month of the end of each half of the
financial year
|
April 30,2020
|
May 31,2020
|
1 Month
|
|
2.
|
Regulation 13(3)
relating to statement of investor complaints
|
Quarterly
|
21 Days from the end of each quarter
|
April 21, 2020
|
May 15,2020
|
3 weeks (approx)
|
|
3.
|
Regulation 24A read with circular No
CIR/CFD/CMD1/27/201
|
Yearly
|
60 days from the end of the Financial year
|
May 30,2020
|
June 30,2020
|
1 month
|
|
4.
|
Regulation 27(2) relating to
Corporate Governance report
|
Quarterly
|
15 Days from the end of the quarter
|
April 15,2020
|
May 15,2020
|
1 month
|
|
5.
|
Regulation 31 relating to Shareholding
Pattern
|
Quarterly
|
21 days from the end of the quarter
|
April 21,2020
|
May 15,2020
|
3 weeks (approx)
|
|
6.
|
Regulation 33
relating to Financial Results
|
Quarterly/ Annual
|
45 days from the end of the quarter
for quarterly results
60 days from the end of the financial
year for Annual Financial Results
|
15 May, 2020
May 30, 2020
|
June 30,2020
June 30,2020
|
45 days
1 month
|
B.
Relaxation of time gap between two board / Audit Committee meetings:
As per regulation 17(2) every listed
company requires to hold at least 4 board meeting and Audit Committee meeting
in a financial year. However after 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 atleast four times a year, as stipulated
under regulations 17(2) and 18(2)(a) of the LODR.
(Author – CS Divesh
Goyal, GOYAL DIVESH & ASSOCIATES Company Secretary in Practice from Delhi
and can be contacted at csdiveshgoyal@gmail.com).
Disclaimer: The entire contents of this document have
been prepared on the basis of relevant provisions and as per the information
existing at the time of the preparation. Although care has been taken to ensure
the accuracy, completeness and reliability of the information provided, I
assume no responsibility therefore. Users of this information are expected to
refer to the relevant existing provisions of applicable Laws. The user of the
information agrees that the information is not a professional advice and is
subject to change without notice. I assume no responsibility for the
consequences of use of such information. IN NO EVENT SHALL I SHALL BE LIABLE
FOR ANY DIRECT, INDIRECT, SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM, ARISING
OUT OF OR IN CONNECTION WITH THE USE OF THE INFORMATION
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