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

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

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