Relaxations by MCA on some more compliances

1. No additional fees to any Company or LLP for late filing of any form/return/statement to be filed with MCA
during the period 1st April, 2020 to 30th September, 2020 irrespective of its due date.
2. Mandatory requirement for holding Board meetings of the Companies within the interval of 120 days now
relaxed. This gap can be of 180 days for next two quarters i.e. quarter ending June 2020 and September
2020.
3. Applicability of the Companies (Auditor’s Report) Order, 2020 (CARO 2020) shall be applicable from the F Y
2020-21, instead of F Y 2019-20 as notified earlier.
4. Requirement of holding at least one meeting, in a Financial Year, by Independent Directors, has been done
away for F Y 2019-20. However, Independent Directors may share their views, amongst themselves, through
telephone or e-mail or any other mode of communication, if they deem it necessary.
5. Requirement to create a deposit reserve of 20% of deposits maturing during FY 2020-21 before April 30,
2020, shall now allowed to be complied with till 30th June, 2020.
6. If there is any Company Director who is not able to comply with the minimum residency in India of 182 days,
then it will not be treated as a violation under Section 149 of the Companies Act.
7. Only for specified Companies who have issued secured debentures – Requirement under rule 18 of the
Companies (Share Capital & Debentures) Rules, 2014 to invest or deposit at least 15% of amount of
debentures maturing in specified methods of investments or deposits before 30th April 2020, may be complied
with till 30th June 2020. (Not applicable to general private and public companies.)
8. For newly incorporated Companies, additional time of six more months is being given for filing declaration
of commencement of business. Hence commencement can be filed within 1 year instead of 6 months.
9. For Companies having applicability of CSR spending –funds spent on various COVID 19 activities is eligible
CSR activity. This spending can be covered under promotion of heath care, sanitation, disaster management.