MCA removes the restriction of matters to be transacted only at physical meetings
MCA has issued notification dated June 15, 2021, w.r.t. amendment in Companies (Meetings of Board and its Powers) Rules, 2014.
With the said amendment, restriction on certain matters to be transacted only at physical meeting of Board/Committee of Directors are done away with. Consequently, the following resolutions can be passed in a meeting held through Video Conferencing or other audio visual means:-
(i) the approval of the annual financial statements;
(ii) the approval of the Board’s report;
(iii) the approval of the prospectus;
(iv) the Audit Committee Meetings for 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
(v) the approval of the matter relating to amalgamation, merger, demerger, acquisition and takeover.
MCA notification can be accessed at following link:
https://mca.gov.in/bin/dms/getdocument?mds=zwpAcIfQhKOgB8vwf%252FztbA%253D%253D&type=open