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COVID-19 India Series: MCA Updates

In view of the ongoing COVID-19 crisis, the Indian Ministry of Corporate Affairs (MCA) provided additional relaxations to companies and LLPs. This is done to ease the burden of compliance under various provisions of Companies Act, 2013 (Companies Act) and Liability Partnership Act, 2008 (LLP Act).


▪ Extension of Fresh Start Scheme and LLP Scheme: The Companies Fresh Start Scheme, 2020 (CFSS Scheme) and the LLP Settlement Scheme, 2020 (LLP Scheme) have been extended until December 31, 2020 (earlier they expired on September 30, 2020). Both these schemes allow delayed filing of eForms with the MCA without payment of additional fees. (The Ministry also provided a specific extension of time for delayed filing of creation or modification of charges forms. Our previous update on this can be viewed here Extension of Fresh Start Scheme and LLP Scheme: The Companies Fresh Start Scheme, 2020 (CFSS Scheme) and the LLP Settlement Scheme, 2020 (LLP Scheme) have been extended until December 31, 2020 (earlier they expired on September 30, 2020). Both these schemes allow delayed filing of eForms with the MCA without payment of additional fees. (The Ministry also provided a specific extension of time for delayed filing of creation or modification of charges forms. Our previous update on this can be viewed hereThe circulars for the further relaxation period can be viewed as per the links below. 1. Extension of CFSS Scheme 2. Extension of time for filing charge related forms 3. Extension of LLP Scheme 1.Extension of CFSS Scheme 2.Extension of time for filing charge related forms 3.Extension of LLP Scheme


▪ Extension of time for convening board/general Meetings through AV means: Board meeting(s) for approval of certain restricted matters (approval of financial statements, etc.) and all general meetings (annual/extra-ordinary) can be convened through audio-visual means up to December 31, 2020 (instead of September 30, 2020). The amendment rules and the circular providing the extension can be viewed here and here, respectively. Our previous update for FAQs for convening board and general meetings through audio-visual means can be viewed here. Extension of time for convening board/general Meetings through AV means: Board meeting(s) for approval of certain restricted matters (approval of financial statements, etc.) and all general meetings (annual/extra-ordinary) can be convened through audio-visual means up to December 31, 2020 (instead of September 30, 2020). The amendment rules and the circular providing the extension can be viewed here and here, respectively. Our previous update for FAQs for convening board and general meetings through audio-visual means can be viewed here.


▪ Extension of time for registration of Directors details: Every person who has been appointed/intends to get appointed as an independent director in a company is required to apply for inclusion of his/her name in a ID Data Bank. The MCA has extended the last date for registration until December 31, 2020 (this was earlier September 30, 2020). The amendment providing the extension can be viewed here. Extension of time for registration of Directors details: Every person who has been appointed/intends to get appointed as an independent director in a company is required to apply for inclusion of his/her name in a ID Data Bank. The MCA has extended the last date for registration until December 31, 2020 (this was earlier September 30, 2020). The amendment providing the extension can be viewed here.


▪ Extension of period for investment/ deposit of amounts in lieu of maturing debentures: Companies who have issued secured debentures are required to invest or deposit (as prescribed) at least 15% of such monies maturing during that financial year, by April 30 of each year. This time limit has been extended until December 31, 2020. The circular for extension can be viewed here. Extension of period for investment/ deposit of amounts in lieu of maturing debentures: Companies who have issued secured debentures are required to invest or deposit (as prescribed) at least 15% of such monies maturing during that financial year, by April 30 of each year. This time limit has been extended until December 31, 2020. The circular for extension can be viewed here.

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