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Sep 15, 2021

Amendment to Schedule V of the Companies Act., 2013

<!-- wp:paragraph --> <p>MCA wide Notification dated 18th March, 2021 has made amendments to the Schedule V of the Companies Act, 2013. The amendments can be referred through the following link:</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="http://www.mca.gov.in/Ministry/pdf/AmendmentNotification_19032021.pdf">http://www.mca.gov.in/Ministry/pdf/AmendmentNotification_19032021.pdf</a></p> <!-- /wp:paragraph -->.....

Sep 15, 2021

Reporting of status of ongoing corporate insolvency resolution processes (CIRPs) through Form CIRP 7

<!-- wp:paragraph --> <p>IBBI vide Circular No. IBBI/CIRP/41/2021 dated 18th March, 2021 has issued guidelines w.r.t filing of Form CIRP-7.<br>Regulation 40B of the CIRP regulations require an interim resolution professional (IRP) / resolution professional (RP) to file a set of forms (CIRP 1 to CIRP 6) within seven days of completion of specific activities to enable monitoring progress of CIRP.<br>This implies that Form (CIRP 1 to CIRP 6) would not be filed until the related activity is not completed for whatever reason. This makes monitoring of progress difficult. Regulation 40B of CIRP regul.....

Sep 15, 2021

Notification under section 4 of the Insolvency and Bankruptcy Code, 2016 for Chapter III-A

<!-- wp:paragraph --> <p>IBBI vide Notification No. 30/20/2020 dated 9th April, 2021 has specified ten lakh rupees as the minimum amount of default for the matters relating to the pre-packaged insolvency resolution process of corporate debtor under Chapter III-A of the Code.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://ibbi.gov.in//uploads/legalframwork/e9b1c4b3489e51213db701b27222b474.pdf">https://ibbi.gov.in//uploads/legalframwork/e9b1c4b3489e51213db701b27222b474.pdf</a></p> <!-- /wp:paragraph -->.....

Sep 15, 2021

Clarification on spending of CSR funds for setting up makeshift hospitals, temporary covid care facilities.

<!-- wp:paragraph --> <p>MCA vide Circular No. 05/2021 dated 22<sup>nd</sup> April, 2021 has clarified that spending of CSR funds for 'setting up makeshift hospitals and temporary COVID Care facilities ' is an eligible CSR activity under Schedule VII of the Companies Act, 2013 relating to promotion of health care, including preventive health care, and, disaster management. </p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo5_22042021.pdf">http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo5_22042021.pdf</a></p> <!-- /wp:paragraph.....

Sep 15, 2021

Clarification on spending of CSR funds for creating health infrastructure for covid care, establishment of medical oxygen generation and storage plants etc.

<!-- wp:paragraph --> <p>MCA vide Circular No. 09/2021 dated 05<sup>th</sup> May, 2021 has clarified that 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 under Schedule VII of the Companies Act, 2013 relating to promotion of health care, including preventive health care and disaster management.</p> <!-- /wp:para.....

Sep 15, 2021

Meetings of board - clarification regarding gap between two board meetings

<!-- wp:paragraph --> <p>MCA vide Circular No. 08/2021 dated 03<sup>th</sup> May, 2021 has decided that the gap between two consecutive meetings of the Board now extends to 180 days during the Quarter - April to June 2021 and Quarter-July to September, 2021, instead of 120 days as required in the Companies Act, 2013.</p> <!-- /wp:paragraph --> <!-- wp:embed {"url":"http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo8_03052021.pdf"} --> <figure class="wp-block-embed"><div class="wp-block-embed__wrapper"> http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo8_03052021.pdf </div></figure> <!-- /.....

Sep 15, 2021

Relaxation on levy of additional fees in filing of certain forms under Companies act, 2013 and LLP act, 2008

<!-- wp:paragraph --> <p>MCA vide Circular No. 06/2021 dated 03<sup>th</sup> May, 2021 has notified that no additional fees shall be levied upto 31st July, 2021 for the delayed filing of forms (other than CHG-1 Form, CHG-4 Form and CHG-9 Form) which were/would be due for filing during 1st April, 2021 to 31st May, 2021. For such delayed filings upto 31st July, 2021 only normal fees shall be payable.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo6_03052021.pdf">http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo6_03052021.pdf</.....

Sep 16, 2021

Clarification on offsetting the excess CSR spent for FY 2019-20

<!-- wp:paragraph --> <p>MCA vide Circular No. CSR-01/4/2021 dated 20<sup>th</sup> May, 2021 has clarified that where a company has contributed any amount to ‘PM CARES Fund’ on 31.03.2020, which is over and above the minimum amount as specified under section 135(5) of the Companies Act, 2013 for FY 2019-20, then such excess amount can be offset against the requirement to spend under section 135(5) for FY 2020-21</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.mca.gov.in/bin/ebook/dms/getdocument?doc=MTQxNzU=&amp;docCategory=NotificationsAndCirculars&amp;type=downl.....

Sep 22, 2021

Clarification on spending of CSR Funds for Covid-19 Vaccination

<!-- wp:paragraph --> <p>MCA vide Circular No. 13/2021 dated 20th July, 2021 has clarified that spending of CSR funds for COVID-19 vaccination for persons other than the employees of the company and their families, is an eligible CSR activity under item no. (i) of Schedule VII of the Companies Act, 2013 relating to promotion of healthcare including preventive healthcare and item no. (xii) relating to disaster management.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.mca.gov.in/bin/ebook/dms/getdocument?doc=MzEwMTU=&amp;docCategory=Circulars&amp;type=open">https://ww.....

Sep 22, 2021

Filing of Form CIRP 8 under the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016

<!-- wp:paragraph --> <p>IBBI vide Circular No. IBBI/CIRP/42/2021 dated 20th July, 2021 has notified the resolution professional to file Form CIRP 8 intimating details of his opinion and determination under Regulation 35A, by 140th day of the insolvency<br> commencement date. The Form CIRP 8 is required to be filed for all corporate insolvency resolution processes ongoing or commencing on or after 14th July 2021.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.mca.gov.in/bin/ebook/dms/getdocument?doc=MjE2OTA=&amp;docCategory=NotificationsAndCirculars&amp;type=download.....

Sep 22, 2021

Clarifications on Corporate Social Responsibility(CSR)- FAQs

<!-- wp:paragraph --> <p>MCA vide Circular No. 14/2021 dated 25th August, 2021 has issued clarifications including FAQs( Frequently Asked Questions) relation to Corporate Social Responsibility(CSR).</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.mca.gov.in/bin/ebook/dms/getdocument?doc=MzU0NzM=&amp;docCategory=Circulars&amp;type=open">https://www.mca.gov.in/bin/ebook/dms/getdocument?doc=MzU0NzM=&amp;docCategory=Circulars&amp;type=open</a></p> <!-- /wp:paragraph -->.....

Oct 20, 2021

Extension of due date of filing of Cost Audit Report to the Board of Directors of the Companies- extended till 31st October, 2021

<!-- wp:paragraph --> <p>MCA vide Circular No. 15/2021 dated 27th September, 2021 has extended the due date of submission of Cost Audit Report to the Board of Directors till 31st October, 2021.<br> Consequently, the cost audit report shall be filed in Form CRA-4 within 30 days of receipt of cost audit report by the company.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.mca.gov.in/bin/ebook/dms/getdocument?doc=MzcxOTk=&amp;docCategory=Circulars&amp;type=open">https://www.mca.gov.in/bin/ebook/dms/getdocument?doc=MzcxOTk=&amp;docCategory=Circulars&amp;type=open</a></p>.....

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