Extension of timelines for various compliances under the Companies Act, 2013 | Bhavya Sharma & Associates

In continuation of applicable circular issued earlier on the specific subject and in the view of the large-scale disruption caused by the COVID-19 pandemic. Ministry of Corporate Affairs has extended the below-mentioned schemes till 31st December 2020. All other requirements in the applicable circular shall remain unchanged.

Below mentioned are the scheme for which MCA has extended the timeline:

1. Clarification with regard to the creation of deposit repayment reserve of 20% u/s. 73 (2) (C) of the Companies Act 2013 and to invest or deposit 15% of the amount of debentures u/r.18 of Companies (Share Capital and Debentures) Rules 2014 - COVID-19 - Extension of time-regarding.

2. Extension of time for EGM through Video Conference (V)C or Other Audio-Visual Means (OAVM) or the passing of certain items only through postal ballot without convening the general meeting.

3. Extension of time - Scheme for relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013.

4. Extension of time- LLP Settlement Scheme, 2020.

5. Extension of Companies Fresh Start Scheme, 2020

6. Extending the time within which Independent Directors can register themselves on databank maintained by IICA till 31st December 2020.

The above-mentioned extension will help the entities to comply with the applicable provisions without penalties.

Article By: Ms Bhavya Sharma, a Practising Company Secretary from Delhi. In case you need any assistance in filing of returns in the above-mentioned scheme or any related queries thereto, you can connect with us. You can contact us at legal@bhavyasharmaandassociates.com or for more details you can visit: www.bhavyasharmaandassociates.com

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