Companies Act (Relaxations)-CRUX

1. No Additional Fees for late filing (April 1, 2020 – Sep 30, 2020)

2. Holding Board Meeting – Relaxation by 60 days till next 2 quarters

3. CARO 2020 – Applicable from FY 2020-21 not from 2019-2020 (as earlier decided)

4. ID Meeting not held in 2019-20 – No non-compliance

5. Newly Incorporated Companies – For filing commencement of business – extended by 6 months

6. If any director does not satisfy the minimum residency requirement – No violation now

7. Deposit Redemption Reserve – Extended till June 30, 2020

8. Debentures Redemption Reserve – Extended till June 30, 2020 (Investment of 15% Amount).

9. Suspension of section 7/9/10 of IBC may be considered if the current situation continues till 30th April so that co may be stopped from being forced into insolvency proceedings.

10. IBC: Threshold for default raised from 1 Lac to 1 crore.

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