Research and Articles

MCA AMENDS COMPANIES (MEETINGS OF BOARD AND ITS POWERS) RULES, 2014 VIDE GAZETTE NOTIFICATION DATED JUNE 15, 2021

The Ministry of Corporate Affairs (“MCA”) with a view to enhance Ease of Doing Business and to work towards its endeavor for Complete virtualization of Board approval process has omitted Rule 4 of the Companies (Meetings of Board and Its Powers) Rules, 2014 which restricted the Board to deliberate the below mentioned agendas through a Video Conferencing meeting (“VC Meeting”) which meant below agenda could only be discussed at a physically convened meeting.

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LIST OF STANDARD STATUTORY FILINGS ALONG WITH TIMELINES WITH THE REGISTRAR OF COMPANIES / RESERVE BANK OF INDIA

Every company / LLP / liaison office / branch office is required to file various forms, returns and documents with the Registrar of Companies / Reserve Bank of India. We have provided a gist of standard statutory filings for FY 2021-2022 along with timelines below for quick reference.

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COVID-19 AND CORPORATE GOVERNANCE: KEY CONSIDERATIONS FOR THE BOARD OF DIRECTORS

The global COVID-19 pandemic has hit entire country and as of this writing, the number of cases is rising every day in India. Everyone is now well acquainted with the economic downturn and how COVID 19 has impacted our lives. While India and others have been working around the clock to flatten the curve, corporates and business are facing different challenges during this crisis—some are reaching new levels of growth with new opportunity, while others are struggling to survive.

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GOVERNMENT INJECTS MORE FUEL TOWARDS EASE OF DOING BUSINESS IN INDIA

Government introduced the Companies (Amendment) Bill, 2020 (“the Bill”) in the Lok Sabha on March 17, 2020 to further amend certain provisions of the Companies Act, 2013 (“the Act”). Since the notification of the Act in 2013, it has been amended time to time by the Government including

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Process to conduct EGM thorough VC OAVM for a company which is not required to provide e-voting facilities

All applicable sections of the Companies Act, 2013 related to holding general meetings (except those specific to AGM). Rules 18 to 23 of the Companies (Management and Administration) Rules, 2014. and any other rule as may be applicable.

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Process to conduct EGM thorough VC OAVM for a company which is required to provide e-voting facilities

This principle shall not apply to shareholders holding 2% or more shareholding, promoters, institutional investors, directors, key managerial personnel and the Chairperson of the various committees as may be applicable to the companies.

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CORPORATE GOVERNANCE FRAMEWORK - A NEED OF THE HOUR FOR LLPs

The term ‘Corporate Governance’ became a buzzword in early 2000’s due to introduction of series of legal and regulatory reforms by the Indian government to instil and to improve the level of responsibility, accountability, board practices and transparency in conduct of business by the large corporates where the public interest in involved.

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A much-needed breather: Annual General Meeting via video-conference/other audio visual means during calendar year 2020

In wake of worldwide outbreak of Covid-19, MCA with the right intent has issued a clarification on holding of AGM through VC or any OAVM mode via General Circular No. 20/2020.

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