The Central Government requires companies to display their annual returns on company websites from 28th August 2020
The Central Government has appointed 28th August 2020 as the date on which the provision of section 23 clause (ii) of the Company (Amendment) Act, 2017 shall come into force. As per the said provision of the Company (Amendment) Act, 2017, every company is required to place a copy of the annual return on the website of the company. Further, the web-link of such annual return must be disclosed in the report of the Board of Directors.
The Companies (Management and Administration) Amendment Rules, 2020.
The extract of annual return shall be attached with the board report in Form MGT 9, provided that a company shall not be required to attach the extract of the annual return with the Board’s report in Form No. MGT.9, in case the web link of such annual return has been disclosed in the Board’s report.
NPPA streamlines procedures for application submissions to promote Ease of Doing Business
Forms I and Applications for special price for packaging under the Drugs (Price Control) Orders, 2013 can now be submitted online through email to a specified email ID. The notification stipulates for a confirmatory email and a means to check the status of these applications on the NPPA website. However submissions of Forms-II/ Forms-III and Forms-V will follow the existing procedure of submission on the Integrated Pharmaceutical Database Management Systems (IPDMS). On the other hand, Form-V will now be submitted online as well through email to a specified email ID. Furthermore, all pharmaceutical associations are required to upload the Uniform Code of Pharmaceutical Marketing Practices on their websites. The notification provides details that must be included in this regard.
The Central Government expands the purview of CSR contributions
The Amendment to Schedule VII of the Companies Act, 2013 has enhanced the list of bodies to which companies are permitted to make contributions, for the purposes of CSR. Prior to this amendment, the list did not include the Department of Biotechnology (DBT), Ministry of AYUSH or the Department of Pharmaceuticals. Furthermore, the amendment now also permits contributions to R&D projects, in the field of science, technology, engineering and medicine, funded by the Central/ State Government/ any agency thereof/ by PSUs. This provision was also absent prior to the present amendment. Therefore, by virtue of this amendment, companies can undertake contribution to these additional bodies as well as specified R&D projects as part of their CSR activities.
MCA clarifies issue on the extension of AGM 2020
MCA vide general circular No 28/ 2020 dated 17 August 2020 has clarified that the matter on holding of AGM in these COVID-19 times has already been considered by MCA, while granting relaxation in holding physical meeting, and allowing companies to conduct AGMs for the Financial Year ended 31 March 2020 through Video Conferencing (VC) or Other Audio Visual Means (OAVM). Therefore, if any company is still unable to hold its AGM by 30/09/2020 it shall seek extension of time – upto 3 months by applying to ROC in Form GNL-1 on or before 29/09/2020. ROC has been advised to be liberal in granting such extensions considering the hardships faced by the stakeholders.
The Ministry of Food Processing Industries will now accept only online applications under SHIRSD
The Ministry apprises the public that it has developed and operationalised a portal for online submission of applications under the Scheme of Human Resources and Institution –Skill Development (SHRISD). The Scheme is open to applicants wishing to avail of grants under the scheme. Prior to this notice, the applications were accepted offline. However the Ministry now makes it abundantly clear that applications under the scheme can only be made online and it provides a link to the said application form.
Goa Agricultural Produce Marketing (Development and Regulation) (Amendment) Bill, 2020
The State Marketing Officer may grant a licence to a person to establish a private market yard, for trading of notified agricultural produce and livestock .
Aadhaar Authentication for Good Governance (Social Welfare, Innovation, Knowledge) Rules, 2020
The Central Government may allow Aadhaar authentication to The Ministry or the Department of the Government of India or the State Government, on a voluntary basis for Usage of digital platforms to ensure good governance, Prevention of dissipation of social welfare benefits, or for enablement of innovation and the spread of knowledge.
The National Company Law Tribunal and National Company Law Appellate Tribunal (Procedure for investigation of misbehavior or incapacity of Chairperson, President and other Members) Rules, 2020.
The Ministry of Consumer Affairs vide notification dated the 28th July, 2020 has publishe the National Company Law Tribunal and National Company Law Appellate Tribunal (Procedure for investigation of misbehavior or incapacity of Chairperson, President and other Members) Rules, 2020.
The Companies (Indian Accounting Standards) Amendment Rules, 2020
The Ministry of Corporate Affairs on 24th July, 2020 notified the Companies (Indian Accounting Standards) Amendment Rules, 2020, thereby amending the Rules of 2015. The entities must apply these amendments to business
combinations, whose acquisition date is on or after the start of the first annual reporting period beginning on 1st April, 2020 and to asset acquisitions that take place on or after that period.
