MCA Relaxation in ID Data bank, BM by VC or OAVM and Name Reservation & Re-Submission

Dear Professional,

Happy morning and Radhe Krishna.

MCA Circular dated 23.06.2020

MCA has issued following two Circulars dated June 23, 2020. Details provided below:

MCA has further extended the last date for registration of details of Independent Directors in the ID Data Bank for further three months, i.e. ten months from December 1, 2019.

MCA Circular: attached herewith

Second is, due to pandemic situation due to Covid-19 crisis, MCA has provided certain relaxation in the provisions of Companies Act, 2013 for a limited timeframe. Companies were allowed to conduct Board Meeting for approving financial statements through Video Conferencing (VC) or Other Audio-Visual Means (OAVM), upto 30.06.2020.

MCA has further extended the above relaxation for all the Board meetings to be conducted till September 30, 2020, to approve its financial statements through VC or OAVM.

MCA Circular: attached herewith.

Further new circular is extension for name reserved and resubmission of forms.

Regards

CS Vikas Gupta

MCA-Scheme for relaxation of time for filing forms related to creation or modification of charges

Dear Professionals,

MCA Circular dated 17.06.2020

*Scheme for relaxation of time for filing forms related to creation* or *modification of charges under the Companies Act, 2O13*

Sir/Madam,

On account of the pandemic caused by the COVID-19, representations were submitted to Ministry of Corporate Affairs, requesting that the timelines related to filing of certain charge related forms may be suitably relaxed so as to provide a window of compliance for the registration of charges. Under the Companies Fresh Start Scheme, 2O2O as laid out in the General Circuiar No. 12 / 2O2O, dated 3O.O3.2O2O, the benefit of waiver of additional fees was not extended to the charge related documents.

Accordingly, the MCA has considered the representations and notified a Scheme for waiver of additional fee in filing of charge related forms.
Scheme related to filling upto 30.09.2020.

Link for Circular http://www.mca.gov.in/Ministry/pdf/Circular23_17062020.pdf

Radhe Krishna🙏

Have a happy day...
CS Vikas Gupta

Major decisions for relief to distressed economy and revision in Definition of MSME w.e.f. June 1 2020*

*Major decisions of Cabinet today for relief to distressed economy and revision in Definition of MSME w.e.f. June 1 2020*

As per the decision taken today by Cabinet, the Micro enterprises

with less than Rs 1 crore investment and less than Rs 5 crore turnover would now qualify as micro enterprises. 

Small enterprises

Businesses with an investment of less than Rs 10 crore and turnover less than Rs. 50 crore will now be classified as small enterprises.

Medium enterprises: The definition for medium enterprises has been revised upwards to an investment less than Rs. 50 crore and a turnover less than Rs 250 crore.

Other major decisions :

1. Rs 50,000 crore equity investment assistance for MSMEs

2. Cabinet clears a credit scheme for street vendors. Scheme for street vendors is called PM SVANIDHI

3. Farmers will get time till August 31 20 to repay their loans, and those who clear their dues can avail loans at a 4 percent interest rate.

4. Norms for loans to farmers under Kisan credit card scheme have been eased.

5. Cabinet approves hike in minimum support price (MSP) for 14 crops. Farmers will get 50-83 percent more than the cost for kharif crops.

Submitted for your Information and updates.

@VikasGPedia

Radhe Krishna🙏

Regards

CS Vikas Gupta