Special Measures under Companies Act
Form COVID-19
April 14, 2020
Mandatory Compliances
April 28, 2020
Special Measures under Companies Act, 2013 (CA-2013) and Limited Liability Partnership Act, 2008 in view of COVID-19 outbreak
| SR. NO. | DETAILS | RULE | RELIEF |
| 1. | Late Filing | Additional Fees is charged | No Additional Fees (from 1st April, 2020 till 30th September, 2020) |
| 2. | Mandatory requirement of holding meetings | Maximum gap between 2 Board Meetings shall not be more than 120 days | The maximum gap between 2 Board Meetings has been extended to 180 days i.e Extended by 60 days for the next Two Quarters (till September 30, 2020) |
| 3. | CARO Applicability | Was to be made applicable to certain Companies From FY 2019-20 | Extended to year 2020-21 i.e Not Applicable for year 2019-20 |
| 4. | Requirement of holding one meeting for Independent Directors (IDs) | Mandatory for Public Companies | If not held, would not be considered as Violation |
| 5. | Requirement to create the Deposit Repayment Reserve of 20% | To be created by 30th April, 2020 | Due date extended till 30th June, 2020 |
| 6. | Requirement to Invest or Deposit atleast 15% of amount of Debentures | To be done by 30th April, 2020 | Due date extended till 30th June, 2020 |
| 7. | Declaration to be filed by New Companies for Commencement Of Business | Within 180 Days of Incorporation | Within 360 Days of Incorporation i.e Additional 180 days period |
| 8. | Minimum Residency in India by atleast One Director of the Company | Any One Director shall be residing in India for 182 days or more | No such requirement to be complied with for the F.Y 2019-20 |
