Limited Period Offer:Be a PRO for 1 month @Rs49/-Multiple payment options available. Know More
you are here: HomeNewsBusiness

COVID-19 impact | MCA extends statutory filing deadline, allows longer interval between board meetings

Companies are in general required to hold at least four board meetings per year and the interval between each must not exceed four months or 120 days. The MCA relaxed this by two months or 60 days, increasing the interval limit by up to six months or 180 days.

May 04, 2021 / 05:23 PM IST

Businesses can now opt for a longer interval between two board meetings, the Ministry of Corporate Affairs (MCA) said in a notification issued on May 3.

Companies are in general required to hold at least four board meetings per year and the interval between each must not exceed four months or 120 days. The MCA relaxed this by two months or 60 days, increasing the interval limit by up to six months or 180 days, the Live Mint reported.

In view of the COVID-19 situation in India in the wake of the second wave of the pandemic, the MCA has made a few more relaxations to some compliance requirements for businesses.

For instance, the additional fee levied for filing statutory forms late has been waived by the government; moreover, extra time has been granted for the same.

The MCA had reportedly received multiple requests to waive the additional fee that was levied on those who filed the statutory forms late. The forms were due to be filed between April 1 and May end – precisely when the country’s COVID-19 situation went from bad to worse and restrictions were imposed to contain the spread of the virus.

Close

COVID-19 Vaccine

Frequently Asked Questions

View more
How does a vaccine work?

A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

How many types of vaccines are there?

There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.

What does it take to develop a vaccine of this kind?

Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.

View more
Show

Taking these into account, extra time was granted by the MCA till the end of July 2021 for filing statutory forms; the additional fee was waived too.

The Ministry of Corporate Affairs further granted relief to companies that failed to file forms to report the modification or creation of a charge on its assets. Extra time till the end of May was granted in cases where the due date expired before April 1.

Notably, the Union Finance Ministry has already granted relief for several compliance requirements related to goods and services tax (GST) and income tax. Basic customs duty and cess on multiple medical supplies required in COVID-19 treatment have also been waived by the Centre.
Moneycontrol News
first published: May 4, 2021 05:23 pm

stay updated

Get Daily News on your Browser
Sections