RELAXATION PROVIDED BY MINISTRY OF CORPORATE AFFAIRS ON FILLING FORMS
We all understand how hard this COVID pandemic hit us physically, mentally and financially likewise. We had to lock ourselves in our homes to cut back its impact as we were left with no other better option. the govt. imposed a lockdown also because of which it had been impracticable for us all to abide by the compliances timely and a few relaxations were urgently needed to cut back the strain we all were facing because of the constant pressure in our minds to accommodates all the laws.
In the times of COVID pandemic and lockdown situation, there were many who requested MCA to provide temporary relaxations in respect of burden of mandatory compliances.
EXPENDITURE ON COVID CARE FACILITIES
MCA has clarified that spending CSR funds for putting in place makeshift hospitals and temporary COVID care facilities is an eligible CSR activity associated with health care promotion, including preventive health care and disaster management.
Thus, the following CSR expenditure shall be permissible –
- Expenditure on providing healthcare infrastructure for COVID Care,
- Expenditure in respect of establishment of medical oxygen generation and storage plants,
- Expenditure in respect of manufacturing and transportation of oxygen concentrators, ventilators, cylinders and other medical equipment or similar activities.
The companies can undertake these activities unitedly with other companies also.
MAXIMUM GAP BETWEEN TWO BOARD MEETINGS
- MCA provided for extension of gap between two board meetings by 60 days, but the same shall be available only for first two quarters of financial year 2021-22. According to this, the maximum gap between two consecutive Board Meetings shall now be 180 days for the quarters, April to June and July to August.
E.g.: In case the 120 days gap of board meeting falls between 1st April, 2021 to 30th September 2021, the maximum gap of board meeting shall be considered as 180 days.
- The gap between the 2 board meetings for the primary two quarters of the financial year 2021-22, i.e., April to June 2021 and July to September 2021, has been extended from 120 days (as required by section 173 of the companies Act, 2013) to 180 days thanks to COVID.
OFFSET OF THE SURPLUS CSR SPENT BY THE COMPANIES FOR FY-2019-20
Due to COVID Pandemic, MCA appealed to the top 1000 companies, based on the market capitalization as on 30.03.2020, to contribute generously to the PM CARES FUND, and it had been also mentioned that this amount can be setoff later against the CSR obligation arising in subsequent financial years.
In pursuance of the above appeal, MCA has clarified that any excess CSR amount spent by the businesses on 31.03.2020 by way of contribution to the PM CARES FUND may be set out against the compulsory CSR obligation for FY 2020-21 but subject to the subsequent conditions-
- The excess amount spent is aside from the unspent CSR amount for the previous financial years if any,
- A certification by the CFO and therefore the statutory auditor of the corporate is additionally required.
- The details of this contribution shall even be disclosed within the Annual Report for CSR and therefore the Board’s Report.
MCA 21-VERSION 3.0
Even during this time of crisis, MCA has managed to enhance itself and has launched the primary phase of 3rd version of its website- MCA 21 VERSION 3.0.
It has revamped its existing website with some new functions and has changed its layout to form it more user friendly. The new MCA website takes the company entities, professionals and citizens of India one step ahead within the making of SELF- RELIANT INDIA. a number of those changes are
- The homepage of the web site is meant in an exceedingly manner to provide access to MCA services more convenient.
- The homepage also provides for the choice of fixing theme (light/dark), size of the font and languages also (English/Hindi). These features are added to create functioning on the web site easier and fewer eye-straining.
- MCA Service Cards are introduced, and these cards provide easy accessibility to varied MCA services. These cards provide access to numerous MCA services associated with the life cycle of the company/LLP from start to closure.
- The Frequently Used Services section is additionally there to form easy and quick access to the services utilized by the users frequently.
- the emblem of MCA is now linked to the homepage, so when a user clicks on the brand, it brings them to the MCA’s portal.
- They also introduced an Important Messages Band, which provides for urgent notifications, news, messages or updates, being published on MCA website.
RELAXATION IN RESPECT OF FILING OF FORM AFTER DUE DATE
As per this circular 2, if maturity date of any form (except CHG-1, CHG-4 and CHG-9) falling between 1st April, 2021 to 30th May, 2020, then the said forms shall be available for filling till 31st July, 2021, and that too without any additional fees.
e.g.: maturity date for MSME-1 was 30th April, 2021. This date is falling under above dates. Therefore, this could be file till 31st July, 2021
RELAXATION IN RESPECT DUE DATE FOR FILING
As per provisions of Section 77 of Companies Act, 2013 form CHG-1 and CHG-9 referring to Creation and Modification of Charge must be move into maximum 120 days from date of creation or modification.
Circular shall be applicable in following Manner:
- PART I: Where the date of creation or modification of charge relates to period after April 01, 2021.
Thus, the charge shall be made or modified on or after December 02, 2020
- PART II: Where the date of creation or modification of charge related to period between April 01, 2021 and May 31, 2021.
All such form shall be eligible under the scheme.
- a) If Charge Created or modified after April 01, 2021 then this scheme is additionally applicable on all such forms.
- Relaxation of TIME/ FEE under Scheme:
PART I: If date of creation or modification of charge is before April 01, 2021.
- The period beginning from April 01, 2021 and ending on May 31, 2021 shall not be reckoned for the aim of filing of form u/s 77 & 78.
- In case form not filed till May 31, 2021 the primary day after March 31, 2021 shall be June 01, 2021.
- EG. a) where the Charge created/ modified in 2021, then the same shall ensue that the date shall be as per scheme. Thus, a maximum 120 days will be provided for filing of relevant form. Till March 31, 2021 | 45 days passed. Remaining days 75 days. As per above provision:
- In case, the company file form between April 01 to May 31, then the said form filed after 30 days but before 60 days, be submitted along with normal fees.
- However, where the Company files the form till May 31, then June 01, shall be considered as 46th day for the aim of levying additional fees.
- Where the company files the required form between April 01 to May 31, the requisite amount of fees applicable shall be paid till May 31.
- However, where the Company files the form till May 31, then June 01 shall be considered for the purpose of making payment of fees.
PART II: If date of creation or modification of charge is between April 01, 2021 to May 31,2021.
- The period beginning from April 01, 2021 and ending on May 31, 2021 shall not be reckoned for the aim of filing of form u/s 77 & 78.
- Where the requisite form is not filed till May 31, 2021, then the taxpayer shall consider June 01 as the first day to count 120 days u/s 77.
WAIVER OF ADDITIONAL FEES ON CERTAIN FORMS
MCA has decided to allow relaxation on the levy of additional fees within the filing of some forms under the businesses Act, 2013 LLP Act, 2008 after considering the difficulties faced by the stakeholders thanks to the COVID pandemic.
Such relaxation shall be applicable in respect of specified forms, and the said filing shall be due between 1st of April 2021 to 31st of May 2021 (except for CHG-1 FORM, CHG-4 FORM, CHG-9 FORM)
LIST OF FORMS FOR WHICH EXEMPTION APPLIES
- Form ADT-1: Information to the registrar by an organization for appointment of auditor
- Form INC-22: Notice of situation or change of situation of the registered office of the corporate
- Form NDH-3: Half-yearly return of Nidhi company.
- Form FC-4: annual return of a far-off company
- Form MSC-3: Annual return of dormant companies
- Form INC-27: Filling in respect of conversion of public company into a private company or the other way around.
- FORM NDH-2: application of extension of your time
- Form IEPF-3: statement of shares and unclaimed or unpaid dividend not transferred to the IEPF.
- Form AOC-4: form for filing the financial statement and other documents with the registrar
- Form AOC-4 NBFC: Filing of financial statement and other documents with the registrar in respect of NBFCs
- Form AOC-4 XBRL: Filing of XBRL document in respect of financial statement and other documents.
- Form MGT-7: form for filing annual return by an organization
- LLP Form 3: Filling of information in respect of LLP agreement and changes, in case any.
- LLP Form-11: Annual return of LLP.
- Form DIR-11: Filling of notice in respect of resignation of a director.
- Form MGT-14: Filing in respect of resolutions and agreements to the registrar.
- Form INC-20A: Filling of declaration in respect of commencement of business
- Form MGT-15: form for filing report on AGM
- Form PAS-6: Filling of half-yearly reconciliation statement of share capital audit report.
- Form AOC-4 CFS NBFC: Filing of consolidated financial statements and other documents in respect of NBFCs
- Form AOC-4 CFS: Filling of consolidated financial statements and other documents.
No additional fees for delayed filings until the 31st of July, 2021.
MCA has also given temporary relaxation within the filing of forms CHG-1(application for registration or creation of charge, aside from debentures) and CHG-9(application for registration of creation or modification of charge for debentures)
RELAXATION IN RESPECT OF E-FORM AMID ON 03RD MAY 2021
Ministry of Corporate Affairs has issued Circulars on May 03, 2021 as Relaxation thanks to Covid, in Companies Act, 2013 for filing of certain form with ROC. Except below mentioned form any form having maturity between 01st April 2021 to 30th May, 2021 may be file till 31st July, 2021. (Due date of CHG-1, CHG-4 and CHG-9 aren’t extended by this circular)
|S. NO.||FORM||PURPOSE||RELEVANT PERIOD||DUE DATE||DETAILS||EXTENDED DUE DATE|
|1||MSME-1||FURNISHING OF HALF YEARLY RETURN IN RESPECT OF OUTSTANDING PAYMENTS TO MICRO OR SMALL ENTERPRISES||HALF YEARLY
(OCT – MAR)
|30-APRIL-2021||APPLICABLE ON ALL TYPE OF COMPANIES||31-JUL-21|
|2||PAS-6||RECONCILIATION OF SHARE CAPITAL AUDIT||HALF YEARLY
(OCT – MAR)
|30-MAY-21||APPLICABLE ON UNLISTED PUBLIC COMPANIES||31-JUL-21|
|3||LLP-11||ANNUAL RETURN OF LLP||YEARLY||30-MAY-21||APPLICABLE TO ALL LLP’S||31-JUL-21|
|4||FC-4||ANNUAL RETURN OF FOREIGN COMPANY||YEARLY||30-MAY-21||APPLICABLE ON BRANCH, PROJECT AND LIASON OFFICE||31-JUL-21|
LATEST UPDATES PROVIDED BY MCA
Here we’ve got informed and notified readers with all the newest updates within the company law of MCA. Find notifications, amendments, updates, relevant sections, etc. with complete accuracy. Be updated and incorporate all the newest changes into your company house and notify further to your tax professional network to form them conscious of recent changes within the company law under MCA.
Company law could be a collection of laws that govern the working and conduct of the businesses. Company is taken into account to be a man-made person within the eyes of law that’s formed by a bunch of people for the aim of business, so company law is ready up as a collection of rules and provisions associated with companies. It consists of procedures and norms regarding the incorporation, funding, working, and death of the corporate. Company law states the legal liabilities of the corporate for the graceful run for a longer period of time. It tells how the parties associated with the corporate will interact with one another and with the corporate. Company law is additionally called business law or corporate law.
The Companies Act, 2013 consists of 29 chapters divided into 470 sections and further sub-sections detailing the laws associated with the conduct of assorted companies. Non-compliance of the businesses Act by different parties or individuals associated with the corporate can attract penalties, fines, prison, or another serious punishment in keeping with the criminal or civil offense committed by him. The cases associated with companies are heard by the National Company Law Tribunal (NCLT).
MONTHLY UPDATES FOR 2021
07th July 2021
Filling be made from post of Assistant, on deputation basis, in numerous National Company Law Tribunal (NCLT) Benches.
01st July 2021
MCA extended the due date for filing of e-form CFSS-2020 and the same can now be filed till 31st August 2021
30th June 2021
Relaxation has been provided in respect of levy of additional fees for filing of certain Forms under the companies Act, 2013 and LLP Act 2008.
Relaxation has been provided in respect of due date for filing certain forms associated with creation or modification of charges under the companies Act, 2013.
24th June 2021
Clarification has been provided in respect of passing of ordinary and special resolutions.
23rd June 2021
ICSI (Institute of Company Secretary of India) department revised the date of ECSIN and UDIN amnesty scheme 2021 thanks to the second wave COVID-19.
Amendments made to Companies accounting standards rules, 2021.
18th June 2021
Companies (Indian Accounting Standards) Amendment Rules, 2021 introduced.
Notification in respect of Companies Creation and Maintenance of databank of Independent Directors Amendment Rules, 2021.
16th June 2021
Approval Granted for Report & budget via Video Conferencing
Certain changes have been proposed under the Covid Pandemic and Advancement in technology has persuaded the Ministry of Corporate Affairs (MCA). The Board of Directors has not been empowered to approve Financial Statements, Board’s Report via Video Conferencing.
Also, the govt notified under the Companies (Meetings of Board and its Powers) Amendment Rules, 2021, providing to alter the Companies (Meetings of Board and its Powers) Rules, 2014.
15th June 2021
Nitin Gadkari declared relaxation and easier way of registering of MSMEs (Micro, Small, and Medium Enterprises). The same can be made only using PAN and Aadhaar card.
07th June 2021
Notification has been posted in respect of Companies (Incorporation) 4th Amendment Rules 2021.
20th May 2021
Clarification has been provided in respect of offsetting the surplus CSR spent for FY 2019-20.
13th May 2021
Notification in respect of list of forms on which the additional fee has been waived off as per Circular no. 06/2021 and 07/2021.
11th May 2021
Extension has been provided in respect of last date for receipt of Application for Recruitment for the Post of Driver in NFRA on Deputation/ Re-employment.
06th May 2021
Clarification has been provided in respect of spending of CSR funds for ‘creating health infrastructure for COVID care’, ‘establishment of medical oxygen generation and storage plants’ etc.
04th May 2021
MCA issued Circular Number 06/2021 and Number 07/2021 on 3rd May, 2021, intended towards the stakeholders for filing of various forms due for filing during 01/4/2021 to 31/05/2021 under the Companies Act, 2013/LLP Act, 2008 by 31st July, 2021 without payment of additional fees.
Clarification has been provided in respect of gap between two board meetings under section 173 of the companies Act, 2013 (CA-13).
Relaxation has been provided in respect of due date for filing of forms associated with creation or modification of charges under the companies Act, 2013.
Relaxation has been provided in respect of due date for filing certain forms under the companies Act, 2013.
23rd April 2021
Clarification has been provided in respect of spending of CSR funds in temporary COVID Care facilities and makeshift hospitals-reg.
19th April 2021
ICSI requested MCA for extension of the due date of the MSME form.1, PAS-6 and form 11- LLP.
14th April 2021
Publication of notice has been made in respect of u/s 75 of the LLP Act, 2008 along with Rule 37 (2) of limited liability Partnership Rules.
Clarification has been provided in respect of Insolvency and Bankruptcy (Pre-Packaged Insolvency Resolution Process) Rules.
09th April 2021
Notification has been provided in respect of section 4 of Insolvency and Bankruptcy Code, 2016.
Engagement of Young Professionals (YPs) in Ministry of Corporate Affairs on contract basis.
08th April 2021
Notice issued in respect of Corrigenda-Insolvency and Bankruptcy Code (Amendment) Ordinances, 2021.
Clarification has been provided in respect of Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021.
01st April 2021
Introduction of Company (Accounts) Second Amendment Rules, 2021.
Extension has been provided in respect of due date for filing of application for the posts of AGM and below in NFRA at new Delhi on deputation/short term contract basis.
Introduction of Companies (Audit and Auditors) Second Amendment Rules, 2021.
Notice in respect of filing of revised E-form INC-6 as per Companies (Incorporation) Second Amendment Rules, 2021.
Notice in respect of availability of CSR-1 Form for filing as e-Form.
24th March 2021
Commencement notification dated 24.03.2021.
Notice issued in respect of amendment made to Schedule III to the Companies Act, 2013.
Introduction of Companies (Audit and Auditors) Amendment Rules, 2021.
Introduction of Company (Accounts) amendment Rules, 2021.
Extension has been provided in respect of due date for filing of Application for recruitment for the post of Driver in NFRA on Deputation/Re-employment.
19th March 2021
Notice has been issued in respect of inviting applications for engagement of Retired Principal Private Secretary (PPS) /Private Secretary (PS)/ Personal Assistant (PA) from Central Government as consultants in NFRA.
Commencement of Notification provided on 18th March 2021.
Amendment has been made to Schedule V of the companies Act, 2013.
08th March 2021
MCA notified about the 3rd Amendment Rules, 2021 made in Form INC-35 AGILE-PRO a part of SPICe+.
MCA issues notification in respect of brand-new Amendment Rules, 2021 for MGT-7, One Person Company (OPC) and Small Company.
MSME issues notification in respect of Non-mandatory GSTIN for MSME Udyam Registration.
Introduction of filling from posts of AGM and below in NFRA at New Delhi on Deputation/Short term Contract basis.
05th March 2021
Commencement of notification provided on 05 March 2021.
25th February 2021
Press release in respect of MCA signing Data Exchange MoU with CBIC.
Notification in respect of extension of time period for Research Proposals under “Funding Research and Studies, Workshops and Conference, Etc.” under the plan scheme “Corporate Data Management”.
22nd February 2021
Introduction of Companies (Specification and definitions details) 2nd Amendment Rules 2021.
Notice for filling of posts of Driver in NFRA at New Delhi on Deputation/Re-employment.
19th February 2021
Notification in respect of proposed changes to be made under section 67(1) of LLP Act, 2008, being extended to Sub- sections (1) to (11) of section 90, Sub- sections (1) and (2) of section 164, Sub-sections (1) and (3) to (6) of section 165, Sub-section (1) to (3) of section 167, Sub-section (5) of section 206, sub-section (3) of section 207, Sub-sections (1) to (3) of section 252 and Sub-sections (1) to (4) of Section 439 of the companies Act, 2013.
17th February 2021
Notice issued in respect of Research Proposals under “Funding Research and Studies, Workshops and Conference, Etc.” under the plan scheme “Corporate Data Management”.
12th February 2021
Introduction of new functionality as a part of SPICe+ Part A in line with Rule 9A ‘Extension of reservation of name in certain cases’ of the companies (Incorporation) Third Amendment Rules, 2020 with effect from 26th January 2021.
Notice in respect of restoration of Scheme for condonation of delay for companies between 01 December 2020 and 31 December 2020 u/s 252 vide circular no. 03/2021, be effective from 01st February 2021. approach the ROCs at the earliest and shall not wait till the last date.”
5th February 2021
MCA provided notice for introduction of MCA21 Version 3.0 in Fiscal 2021-22 with three modules like e-Adjudication, e-Consultation, and Compliance Management.
3rd February 2021
Introduction of Companies (Incorporation) 2nd Amendment Rules 2021.
Introduction of Companies (Specification of Definition details) Amendment Rules 2021.
Introduction of Companies (compromises, arrangements and amalgamations) Amendment Rules 2021.
1st February 2021
FM provided for the introduction of MCA 21 V3.0, that will be supported with modules for e-scrutiny and e-adjudication.
Under the companies Act, 2013, decriminalization of LLP Act, 2008 shall not longer be executed.
MCA provided for relaxation on levy of additional fees in respect of all AOC-4 e-forms till 31/03/2021.
27th January 2021
Introduction of New ‘Extend’ functionality will be introduced as a part of SPICe+ Part A in line with Rule 9A ‘Extension of reservation of name in certain cases’ of the companies (Incorporation) Third Amendment Rules, 2020 and the same shall be effective from 26th January 2021.
22th January 2021
Introduction of Companies (CSR Policy) Amendment Rules, 2021.
21st January 2021
Notification S.0. 220(E). issued in the Gazette of India (Extra-Ordinary) in Hindi & English -in respect of authorization under Section 272 (1)(e) of Companies Act, 2013 with corrigendum S.0. 222(E).
19th January 2021
Notice inviting comments on the report of the Company Law Committee on Decriminalization of the limited liability Partnership Act, 2008.
Posting of Company Law Committee’s report on Decriminalization of The limited liability Partnership Act, 2008.
15th January 2021
Extension of due date for filing CFSS e-forms 2020 under the Companies Act, has been extended to 31/03/2021.
Notice issued in respect of filing if e-form for Companies fresh start scheme (CFSS-2020) form and the same shall be applicable w.e.f 16th January 2021.
13th January 2021
Clarification has been provided in respect of spending of CSR funds for Awareness and public outreach on COVID-19 Vaccination program.
9th January 2021
Notification in respect of portal maintenance activity scheduled to take place at 10:00pm (09th Jan’21- Saturday) to 08:00am (10th Jan’21- Sunday).
8th January 2021
Notice issued for invitation of comments from the general public on Pre-packaged Insolvency Resolution Process under Insolvency and Bankruptcy Code, 2016.
2nd January 2021
Notification in respect of filling the post of financial Adviser within the National Company Law Tribunal (NCL T) under the Ministry of Corporate Affairs.
1st January 2021
Stakeholders are provided that there’s no change within the additional fee logic of e-form MGT-7 and AoC-4/AOC-4 XBRL/AOC-4 CFS/AOC-4 NBFC for the FY 2019-20 w.e.f 01 January 2021 since extension was provided to any or all the businesses for conducting AGM and not for filing the shape. Hence, the maturity date of form filing shall be computed supported the particular date of AGM or maturity/extended due date of AGM because the case is also. Post 31st December 2020, additional fee shall be applicable from the particular date of AGM or date/extended due date of AGM + 30/60 days because the case could also be and Rs.100 per day shall be charged ranging from such day whether or not such date falls before 31st December 2020.
Stakeholders are requested to note that the SRN of the application filed for extension’ (GNL-1) in e-form MGT-7 is formed optional for FY 2019-20 w.e.f 01 January 2021 because of blanket extension provided for all companies to conduct AGM. Consequently, e-Form MGT-7 has been revised on MCA21 Company Forms Download page w.e.f 1st January, 2021.
Also, the due date for filing DIR-3 KYC for financial year 2019-20 has expired on 31st December 2020 and the process of deactivating the non-compliant DINs shall be completed shortly. Thus, the web service DIR-3 KYC shall not be available for filing during the pendency of this process.