Ministry of Corporate Affairs gives relaxations for holding AGMS due to COVID19
The companies whose financial year (other than first financial year) has ended on 31st December, 2019, can hold their AGM for such financial year within 30th September 2020.
Andhra Pradesh exempts Boilers from Inspection
Andhra Pradesh Government via notification dated 21st April 2020 has exempted all certified boilers from Inspection. Accordingly, all boilers for which inspections are due in the months of April & May, 2020 are exempted for two months or end of lockdown, whichever is earlier.
West Bengal Government determines interest rate on certain Government operated Funds
West Bengal Government vide notification dated 22nd April 2020 has determined 7.1% rate of interest on certain Funds under administrative control of government. This rate will be in force during the period from 01.04.2020 to 30.06.2020.
SEBI relaxes Buy back of Securities Regulations due to the COVID 19 pandemic
The Securities and Exchange Board of India vide its notification dated 23rd April 2002, to reduce burden of coronavirus crisis, has decided to temporarily reduce the restriction to raise further capital from the securities market for a period of 1 year from the buyback period expiry to six months.
Government of Tamil Nadu has listed out certain industries which are classified as continuous process industry
The State Government of Tamil Nadu has permitted the skeletal staff to ensure the safety of the machinery/installation for continuous process industries.
Ministry of Labour extends the validity of licences granted under Contract Labour Act, 1970
The validity of licenses granted under the Contract Labour (Regulation and Abolition) Act, 1970 and the Inter-State Migrant Workmen (Regulation Of Employment And Conditions of Service) Act, 1979 extended upto May 31, 2020 for those licenses whose renewal falls in the months of March, April and May 2020.
Government of Madhya Pradesh exempts private sector employers from payment of penalty under MPVritti Kar Adhiniyam, 1995
The State Government of Madhya Pradesh vide its notification dated 30th March 2020 has exempted the private sector employers from paying penalty if the tax be paid by 10th April 2020 is paid on or before 30th April 2020.
SEBI eases the valuation criteria for Mutual Fund debt securities.
If the valuation agencies appointed by AMFI are of the view that the delay in payment of interest/principal or extension of maturity of security by the issuer has arisen solely due to COVID-19 pandemic lockdown and/or in light of the moratorium permitted by Reserve Bank of India creating temporary operational challenges in servicing debt, then valuation agencies may not consider the same as a default.
