MCA issues clarification on Spending CSR funds for COVID care infrastructure, establishment of oxygen plants.
Spending of CSR funds for creating health infrastructure for COVID care, establishment of medical oxygen generation and storage plants, manufacturing and supply of oxygen concentrators, ventilators, cylinders and other medical equipment for countering COVID-19 or similar such activities” are eligible CSR activities.
MCA relaxes the timeline for conducting board meetings
The gap between two consecutive meetings of the board may extend to 180 days for the quarters April to June and July to September instead of 120 days as required in the companies Act.
MCA relaxes the timeline for filing forms under Companies Act and LLPs Act
The companies and LLPs can file forms due on the period between April 1 to 31st May till 31st July, 2021 without paying additional fees. MCA has also provided through notification that while calculating the due date for creation and modification of charges by filing CHG-1 and CHG-9, if the due date falls between April 1 to 31st May, the period between April 1 and 31st May shall not be reckoned.
NSE directs trading members to report Client Level Cash & Cash Equivalent Balances to the clearing members.
The Trading members have to submit data on a consolidated basis across all Exchanges and shall not be required to upload data for clients with zero balances who have not traded in last 12 months in any of the Exchanges.
MCA notifies Insolvency and Bankruptcy (pre-packaged insolvency resolution process) Rules, 2021.
A corporate applicant, shall make an application for initiating pre-packaged insolvency resolution in Form 1, accompanied with affidavit, documents or records in electronic form, along with a fee of rupees fifteen thousand, Provided that in case, electronic facility is not available for filing such application, the application and the accompanying documents may be filed in physical form.
MCA extends implementation of mandatory audit trail of companies’ accounts till 1st April 2022.
MCA has extended the date of implementation of rule 3(1) making it mandatory for companies using accounting software for maintaining their books to use software that allows to record audit trail of each and every transaction till 1st April 2022
MCA notifies Companies (Audit and Auditors) 2nd Amendment Rules, 2021.
The Amendment is brought under rule 11 which specifies other matters to be included in auditor’s report.
The Finance Act, 2021.
The Act has provided an explanation to include any of the following activities for the transaction to be considered as the online sale of goods and online provision of services – acceptance of offer for sale, placing of a purchase order, acceptance of purchase order, and payment of consideration, supply of goods or provision of services.
MCA amends Schedule III of Companies Act
The amendment provides the disclosures to be made by a company which has advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall lend or invest the same.
MCA reduces penalty for contraventions by valuer
MCA has appointed the 24th March, 2021 as the date on which the provisions of section 23 and section 45 of the Companies Amendment Act, 2020 shall come into force
