MCA enumerates numerous measures to fight covid-19 pandemic

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  • Last Updated on 1 December, 2021

MCA; covid-19; Companies Fresh Start Scheme; LLP Settlement Scheme

Press release Dated: 29.11.2021

The Ministry of Corporate Affairs has taken numerous measures to ameliorate difficulties faced by companies by launching schemes like; The Companies Fresh Start Scheme, 2020; LLP Settlement Scheme, 2020 and granting relaxation on levy of additional fees for companies / LLPs in filing certain forms and companies have also been allowed to conduct Board Meetings through Video Conference or other audio-visual means.

MCA has announced a Condonation of Delay Scheme for Companies restored by NCLT between 1st December 2020 to 31st December 2020 under section 252 of the Companies Act,2013. The Scheme provides to condone the delay in filing forms with the Registrar and spares payment of additional fees. This Scheme was in operation from 01st February 2021 and was available for filing of any overdue e-forms by such companies till 31st March 2021.

The companies have also been allowed to hold Extraordinary General Meetings (EGMs) through Video Conferencing (VC) or other audio-visual means (OAVM) complemented with e-Voting facility/simplified voting through registered emails till 30th June 2021. Considering the second wave of COVID-19, the Ministry has extended the aforesaid time limit to 31st December 2021.

The Registrar of Companies on the advice of the Ministry had given an extension of time in holding of Annual General Meeting for the financial year ended on 31 March 2020 till 31st December 2020.

The Companies (Indian Accounting Standards) Rules, 2015 have been amended to extend the benefits of COVID-19 related rent concession, which were introduced last year, from 30th June 2021 to 30th June 2022. The mandatory requirement of holding meetings of the Board of the companies within the intervals of 120 days was extended by a period of 60 days till the next two quarters i.e., till 30th September 2020.

MCA has provided relaxation on levy of additional fees in the filing of e-forms AOC-4, AOC-4 (CFS), AOC-4, AOC-4 XBRL AOC-4Non-XBRL and MGT-7/MGT-7A for the financial year ended on 31.03.2021 under the Companies Act, 2013.

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