𝗠𝗖𝗔
In respect of MCA Registry 2020, a moratorium applicable 1.04.2020 to 30.09.2020. Moreover, no additional fees for late filing.
For holding board meetings: time relaxed by a period of 60 days for next two quarters.
CARO: Applicability of companies order 2020 shall be made applicable from FY 2020-21 instead of FY 2019-20.
For the year 2019-20, if the independent directors have failed to hold even one meeting - it will not be considered a violation.
Newly Incorporated Companies
Requirement to file declaration of commencement within 6 months of business - additional time of 6 more months.
A company director who doesn’t comply with the requirement of minimum residency in India (has not stayed in India for 182 days or more) - it shall not be treated as a violation under Companies Act.
Debentures: minimum requirement of 15% investment extended to 30.06.2020.
𝗜𝗕𝗖
Threshold for default of 1 lakh rupees has been increased to 1 crore rupees. In case the situation doesn’t improve till 30.04.2020, then the Finance Minister may consider suspending Sec 7, 9 and 10 of IBC for 6 months.
𝗕𝗮𝗻𝗸
ATM Withdrawals free of cost from any other banks ATM for next three months.
No minimum balance requirement fees