SME Times News Bureau | 29 Sep, 2020
The Ministry of Corporate Affairs (MCA) extended, till December 31,
2020, the timelines for several relaxations on compliance norms and schemes
rolled out to provide relief and support to companies amid the pandemic.
Post the decisions, the Companies Fresh Start Scheme, 2020 will be valid till
December 31, from September 30 and the board meetings of companies can be held
through video conference or other audio visual mechanism till the end of this
year.
"The Ministry of Corporate Affairs has extended the duration of several
schemes till 31.12.2020 in view of the continued disruption caused due to the
COVID-19 pandemic in certain parts of the country and to provide greater Ease
of Doing Business," the office of Finance Minister Nirmala Sitharaman said
in a tweet.
The ministry had introduced the Companies Fresh Start Scheme, 2020, valid from
April 1, 2020 to September 2020, to enable companies to make good their
previous defaults. This scheme has now been extended till December 31, 2020.
Another scheme introduced amid the pandemic LLP Settlement Scheme, 2020, was
valid from April 1, 2020 to June 13, 2020 and was later extended till September
30, 2020. This scheme too has been further extended to December 31, 2020 to
enable LLPs to make good their previous defaults.
"The Scheme for relaxation of time for filing forms related to creation or
modification of charges under the Companies Act, 2013 and the time for
conducting EGMs through Video Conference or Other Audio Visual Means also stand
extended till 31.12.2020," said another tweet by Sitharaman's office.
The MCA has also extended the time within which independent directors of
companies have to register themselves on the data bank maintained by the IICA
from September 30, 2020 to December 31, 2020.