MCA allows video-conferencing instead of physical board meetings due to Covid-2019 outbreak
The Ministry of Corporate Affairs vide Notification dated 19th March 2020 has issued the Companies (Meetings of Board and its Powers) Amendment Rules, 2020. The amendment provides temporary relaxation to the requirement of physical presence of directors in board meetings in the context of outbreak of Corona Virus.
SEBI Relaxes listing obligation compliance deadlines due to COVID-2019 Pandemic
The Securities Exchange Board of India vide Circular dated March 19, 2020 has extended the due dates for certain compliances and meetings under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, due to the outbreak of Corona virus. The board of directors and Audit Committee of the listed entity are exempted from observing the maximum stipulated time gap of 120 days between two meetings for the meetings held or proposed to be held between the period December 1, 2019 and June 30, 2020.
Ministry of Environment issues Draft Environment Impact Assessment to regulate green norm violation
The Ministry of Environment, Forest and Climate Change has published a draft environment impact assessment (EIA) notification 2020 that seeks to to make the process issue of Environment Clearance more transparent and expedient through implementation of online system among others. Further the bill has laid down procedure to handle non-compliance of conditions of issue of such pre-clearances.
RBI to regulate payment aggregators
The payment aggregator (entities that facilitate e-commerce sites and merchants to accept various payment instruments) should be obtain a license from RBI. This also applied to Existing non-bank entities offering PA services. Such entities shall apply for authorization on or before June 30, 2021, and achieve the prescribed minimum Networth requirements for such PAs at Rs 25 crores by the end of 3 year ie by 2023.
Relaxation to the terms and conditions of work from home for Other Service Providers
The requirement for agreement for work from home, security deposit, secured VPN and prior permission for WFH facility is exempted till 30.4.2020. The agents at home shall now be treated as the extended agent position of the OSP.
