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…
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…
Ministry of Corporate Affairs (MCA) is fully aware of the difficulties faced by companies on account of the ongoing nation-wide lockdown and social distancing due to COVID 19. The Ministry has also taken note of various representations received from industry associations and corporates on the need to facilitate companies in taking certain emergent/ urgent measures…