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.
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.