On September 15, 2020, the Union Minister of State for Finance & Corporate Affairs, Shri Anurag Singh Thakur stated about the various steps taken by the Ministry of Corporate Affairs (MCA) for reducing the burden of Companies and Limited Liability Partnerships (LLPs) during Covid-19 pandemic by providing them with several incentives, relaxations and concession during the Lockdown period, when he was giving his answer to a written question asked to him in the Lok Sabha.
Shri Anurag Singh Thakur stated the following steps taken by MCA, in his answer-
- Introduction of Companies Fresh Start Scheme 2020 (CFSS) vide General Circular 12/2020 dated 30.03.2020 to enable companies to file documents without additional fees, granting immunity from prosecutions proceeding, etc.
- Introduction of the LLP Settlement Scheme, 2020 providing similar benefits as CFSS 2020 for the benefits of LLPs.
- Introducing Special Provisions for enabling the conduct of Board and General Meetings through Video conferences by Corporates vide General Circular No. 14/2020.
- Introducing Special provisions for filings under section 124 &125 r/w IEPFA (Accounting, Audit, Transfer and Refund) Rules 2016.
- Introducing Special Relaxation in holding of General Meeting by Companies whose Financial Year ended on 31st December 2019 vide General Circular dated 21-04-2020 and holding it through Video conferences vide General Circular No. 20/2020 and 28/2020.
- Allowing corporates for spending CSR funds for various activities which includes Healthcare, sanitation and disaster management.
And recently on September 8, 2020, about 12 lakhs companies were given an extension of 3 months to hold Annual General Meeting for the Financial year 2019-2020 beyond the date of September 30th, 2020 without any requirement to file any application of the form and without payment of a fee as per the order given by the Registrar of Companies (ROC).
With Warm Regards,
CL Bureau.
