Relaxation in Corporate Compliances - Atmanirbhar scheme - CoVID19

-

 

Relaxation in Corporate Compliances

Atmanirbhar scheme

 

(Step Towards ‘Ease of Compliances”)

Short Summary:

Under Atmanirbhar Scheme, Due to CoVID 19, Ministry have done relaxation to compliance burden to Corporates. In this editorial we will share brief of such relaxations.

As Ministry of Corporate Affairs already has given many temporary relaxations to corporates like:

·      Holding of General Meetings through Video Conferencing

·      No additional fees on ROC Fees till 30th September, 2020

·      No restriction on holding of Board Meeting through video Conferencing.

·      Relaxation in due dates of filing of NFRA 2, etc.

 

New Relaxations:

                I.            Decriminalization of Offence under Companies Act, 2013-: There were many non-compliances under companies Act which was treating as criminal offence. Now the penalties has been relaxed and offences become decriminalized. Like defaults involves minor procedural errors.

                   II.            Many non-compoundable offences converted into compoundable offence.

                  III.     Adjudication mechanism shall be use for compounding of some non-compliances by Registrar of Companies. Adjudication mechanism has already been applied by ROC on many non-compliances u/s 454.

                    IV.            Powers of Regional director for Compounding of offence enhances.

                    V.            If NCD (non-Convertible Debenture) of any Private company is listed with stock exchange such company shall be considered as unlisted company under Companies act, 2013.

          VI.            Companies can directly list their securities  in foreign jurisdiction.

 

Amendments in IBC

      1.    No Fresh Cases NO Fresh IBC Proceedings can be initiate till next one Year                          

     2.    Criterial for IBC Application Changed: Criterial for IBC application increased from 1 lakh to 1 Crore. Fresh IBC application shall be file if claim is Rs. 1 crore or more.          

      3.    Debts: Debts which are due to COVID 19 situations are out of defaults under IBC.


Comments

  1. UnknownJune 1, 2020 at 9:45 AM

    Hello Sir is there any circular regarding this please mention it

    ReplyDelete

Post a Comment

Popular posts from this blog

Declaration of Commencement of Business - Series 487

-
A.          Declaration of Commencement of Business MCA has inserted New Section 10A after Section 10 by Companies (Amendment) Ordinance, 2018 Dated 02.11.2018 and same has been inserted in Companies (Amendment) Act, 2019. As per 10A, a company having SHARE CAPITAL incorporated after ordinance i.e. 02.11.2018 shall not commence its business or exercise any borrowing powers unless, §   A declaration is filed by the directors in e-form Form No. INC-20A within 180 days from date of incorporation of company with ROC that ‘ every subscriber to the MOA has paid the value of the shares agreed to be taken by him”. Quick Bite: a.   Whether company incorporated without share capital need to file declaration in form INC- 20A? As per Section 10A this declaration of commencement of business is required to file only by Companies having Share Capital. Therefore, Company not having share capital need not to file 20A. b.   A Company incorporates on or before 02.11
Read more

Vacancy Updates (Through Google Form) | Dated: 20-August-2020

-
Dear all, as you know that we have initiated this process of posting of vacancies a few months back for the interest of both the employers and the job seekers, this list of vacancies is prepared based on the Google Form filed by the professionals throughout the country.  Our motive is to lift our profession by helping our professional colleagues through circulating these vacancies.   Therefore, it's a humble request from the users of this list, please verify the details of the vacancy on the email id mentioned in the particular vacancy on your own.  Further, in case of any vacancy being filed mistakenly by any person for any Company or a Firm (as the vacancies are being filed unanimously) kindly inform us on our WhatsApp no. 8130657778. we will immediately remove the same. Type of Entity Address Email ID Contact Details Specific Description of Vacancy CTC / Stipend offered Company Mumbai k
Read more

Process of Conversion of Loan into Equity

-
Conversion of Loan into Equity Share Capital– “NCLT ORDER” Short Summary: In this flash editorial author shall through some light on the provisions of Conversion of Loan into Equity Share Capital of the Company as per provisiosn of Companies Act, 2013 and recent NCLT Judgement on the same. The provisions for conversion of loan into equity have been significantly amended under Companies Act, 2013 in comparison to Companies Act, 1956. The provision under this Act is stricter then earlier Act. The author shall try to clear the provision of conversion of loan into equity on the basis of Judgement of Hon’ble NCLT. This is article no. 321 of the series of editorials written by the author on corporate laws {Including Companies Act, 2013, SEBI, RBI Regulations, IBC , LLP Act, 2008 etc.}. Legal Provision: Companies Act, 2013- Section 62(3): Nothing in this section shall apply to the increase of the subscribed capital of a company caused by the exercise of an option as
Read more