The Ministry of Corporate Affairs introduced several schemes namely Companies Fresh Start Scheme, 2020 (CFSS), LLP settlement Scheme 2020, Scheme for relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013 and Clarification on holding of annual general meeting (AGM) through video conferencing (VC) or other audio…
The Lok Sabha on 19th September, 2020 passed a bill to further amend around 48 sections of the Companies Act, 2013 by decriminalizing various non-compoundable offences in case of defaults, but not involving frauds, omitting imprisonment for various offences which were considered procedural and technical in nature. The bill comes at a time when companies are reeling under stress…
MSME measures Collateral Free Automatic Loans with a time frame of 4 year with 12 months moratorium. MSME with borrowing up to Rs. 25 Crores and turnover of Rs. 100 Crores will be eligible. 100% credit guarantee on principal and interest to banks and NBFCs. Scheme can be availed till 31st October 2020 Subordinate Debt…
Ministry of Corporate Affairs (MCA) vide General Circular No. 18/2020 dated 21st April 2020 has provided certain relaxation in holding of Annual General Meeting (AGM) for those Companies whose financial year has ended on 31st December 2019. As per Section 2(46) of the Companies Act, 2013, Companies which are holding, subsidiary or associate of a…
To redress the grievance of various stakeholders Ministry of Corporate Affairs has issued 50 FAQs on Companies Fresh Start Scheme (CFSS), 2020 and LLP Modified Settlement Scheme, 2020. 1. Is the CFSS 2020 applicable on foreign company? Will the forms FC-1, FC-2 and FC-3 be covered under the scheme? Ans: Yes. 2. How to file…
The Ministry of Corporate Affairs (MCA) vide General Circular no. 15/2020 dated 10th April 2020, has issued FAQs on Corporate Social Responsibility in related to COVID-19. In this sensitive stage of pandemic in India, the government has provided clarification regarding the contribution made to various funds or schemes will be categorized under CSR contribution or…