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29Mar
MCA amends Schedule III to the Companies Act, 2013

Ministry of Corporate Affairs (MCA) has made the changes in Schedule III to the Companies Act, 2013 wef 1st April 2021 to ensure more transparency. Schedule III contains the general instructions for preparation of Balance Sheet and Statement of Profit and Loss of a Company. Following are the changes made in the financials/ notes to accounts on account of amendments in Schedule III brought about by MCA:

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21May
MCA extends period for names reserved and Forms resubmission

Ministry of Corporate Affairs (MCA) has issued a statement on 20 May, 2020 1 which states that Names expiring any day between 15th March, 2020 to 31st May would be extended by 20 days beyond 31st May 2020. It has also stated that SRNs where last date of Resubmission (RSUB) falls between 15th March 2020 to 31st May, 2020, additional 15 days beyond 31st May 2020 would be allowed. For details on MCA extends period for names reserved and Forms resubmission, please click the following link.

References
  1. MCA Statement 20 May, 2020[↩]
8May
MCA relaxations under the Companies Act, 2013: COVID-19 Impact

Due to outbreak of unprecedented novel coronavirus (COVID – 19) throughout the world including India, lockdowns and unexpected restrictions have been imposed on the public as well on the corporate sector. Companies are likely to face many problems in the timely compliances of various applicable laws. Taking into account the hardships being faced by the companies, Government of India has temporarily relaxed a number of compliances by the companies. Some of the major relaxations given by the Ministry of Corporate Affairs (MCA) under the Companies Act, 2013 are outlined below.

MCA vide its notification dated 19th March, 2020 has dispensed with the need to conduct physical board meetings till 30th June, 2020 in relation to matters which are otherwise matters not permitted to be dealt with through video conferencing or other audio visual means under the Companies Act, 2013 and the rules thereunder, including the approval of the annual financial statements, Board’s report, Prospectus, Audit Committee Meetings for consideration of Financial Statement and approval of the matter relating to amalgamation, merger, demerger, acquisition and takeover. Consequently, such meetings may be held through video conferencing or other audio-visual means from 19th March, 2020 until 30th June, 2020.

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