MCA – ‘Small Companies’ Redefined – Cap Raised 50L to 2 CR.

As per New Guidelines by MCA, Few Changes notified for Small Companies are –

Small Companies need to organize  2 board meetings in a calendar year, i.e. one board meeting in each half of the calendar year.

In the case of a small company, the annual return can be signed by the secretary of the company alone or by a single director if there is no Company Secretary (CS).

A small company is excluded from the requirements of the change of auditor by rotation U/s 139(2).

In the audit report, a small company is not required to report on internal financial controls and the company’s operational performance.

Companies Act prescribes lesser penalties in the case of a Small Company.

Recent Post:-

MCA announces a New Scheme for Condonation of Delay for Companies

  • MCA announces a new scheme for condonation of delay for companies restored on the Registrar of Companies between the 01.12.20 – 31.12.20.
  • The Scheme offers to condone delay in filing forms with the Registrar, and spares payment of extra fees.
  • This Scheme will be in operation from 01.02.21 and will be available for filing of any overdue e-forms by such companies till 31.03.21.
ministry of corporate affairs
This scheme applicable for the filing of all e-forms, except the following forms:
  • E-form SH-7 (Where any rise in approved share capital is involved)
  • CHG-1, CHG-4, CHG-8 and CHG-9 (Charge Related Documents).
Indirect Taxation

In order to maintain an uninterrupted and consistent supply of vital goods and services, the Central Board of Indirect Taxes and Customs expands the deferred duty payment facility to public undertakings.

Recent Post:-

MCA Allows companies to hold Extraordinary General Meetings through VC or OAVM complemented with e-Voting facility

MCA Allows companies to hold Extraordinary General Meetings through VC or OAVM complemented with e-Voting facility/simplified voting through registered emails without requiring the shareholders to physically assemble at a common venue till June 30, 2020.

1. MCA allows listed companies or companies with 1,000 shareholders or more which are required to provide an e-voting facility under the Companies Act, 2013 to conduct EGM through VC/ OAVM and e-Voting.

2. For other companies, a highly simplified mechanism for voting through registered emails has been put in place for easy compliance.

3. The facility for the appointment of proxies has been dispensed with, while representatives of bodies corporate will continue to get appointed for participation in such meetings.

4. Further, all resolutions passed through this framework will be required to file with the RoC within 60 days, so that such resolutions may be viewed publicly.

The Ministry’s circular dated 08 April 2020 is available at http://www.mca.gov.in/Ministry/pdf/Circular14_08042020.pdf

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