Following are the special measures notified and implemented by the Ministry of Corporate Affairs (MCA) under Companies Act, 2013 and Limited Liability Partnerships Act, 2008 in view of COVID 19 outbreak.
| Exemption on additional filing fees | Any additional fees which is applicable for late filings to any Company or LLPs, will not be charged during a moratorium period from April 01, 2020 to September 30, 2020, in respect of any document, return, statement etc., required to be filed in the MCA registry, irrespective of its due date. |
| Holding Board meetings as per section 173 of the Companies Act, 2013 | As a one-time relaxation the gap between two consecutive meetings of the Board has been extended to 180 days till September 30, 2020, instead of 120 days. |
| Applicability of The Companies (Auditor’s Report) Order, 2020 | The Companies (Auditor’s Report) Order, 2020 will now be applicable from financial year 2020-21 instead of being applicable from 2019-20. |
| Para VII (1) of Schedule IV to Companies Act, 2013 | For the financial year 2019-20 the Independent Directors are allowed to share their views via telephone or email or any other mode of communication (if they deem to be necessary). This is in lieu of their meeting which is required to be held during the financial year 2019-20. |
| Deposit repayment reserve- Section 73(2)(c) of Companies Act, 2013 | Creation of deposit repayment reserve of 20% of deposits maturing during the financial year 2020-21 before April 30, 2020 will now be allowed to complied with till June 30, 2020. |
| Declaration for commencement of business- Section 10A of the Companies Act, 2013 | An additional period of 180 days is allowed for filing this declaration. |
| Relaxation to Rule 18 of the Companies (Share Capital & Debentures) Rules, 2014 | Time period for investing or depositing at least 15% of amount of debentures maturing in specified methods of investments or deposits before April 30, 2020 can now be complied with June 30, 2020. |
| Resident director compliance requirements-Section 149 of the Companies Act, 2013 | For the financial year 2019-20 the requirement of meeting 182 days by a resident director has been relaxed. |
This initiative of MCA is to support and enable Companies and LLPs in India to focus on taking necessary measures to address the COVID-19 threat, including the economic disruptions caused by it.
