Reference: Securities and Exchange board of India
Update:
Guidelines laying down measures for containment of COVID-19 Epidemic
SEBI provides that commercial and private establishment shall be closed down but the capital and debt market service shall be exempted from such closures. The head offices / regional offices / local offices shall also function with minimum number of employees.
Implication:
The above Notification with directions for strict implementation shall remain in force in all parts of the country for a period of 21 days with effect from March 25, 2020.
Reference: Central Board of Indirect Taxes & Customs
Update:
Extension for exemption from IGST and compensation cess to EOUs on imports
CBIC has amended Notification No. 52/2003-Customs and hereby extends the date of exemption from IGST and compensation cess to EOUs on imports till 31.03.2021.
Reference: Employment/Labour Laws
Update:
Labour Ministry Issues Advisory to all States/UTs to use Cess fund for Welfare of Construction Workers
In the backdrop of outbreak of COVID-19, Government has taken numerous measures to give relief to workers. All State Governments/UTs have been advised to transfer funds in the account of construction workers through DBT mode from the Cess fund collected by the Labour Welfare Boards under BOCW cess Act.
Reference: Ministry of Corporate Affairs
Update:
Special Measures under Companies Act, 2013 (CA-2013) and Limited Liability Partnership Act, 2008 in view of COVID-19 outbreak
MCA has come up with necessary measures for companies and Limited Liability Partnerships (LLPs) in India due to economic disruptions caused by COVID-19, namely;
- No additional fees shall be charged for late filing during a moratorium period from 1st April to 30th September 2020, in respect of any document, return, statement etc.
- The mandatory requirement of holding meetings of the Board of the companies stands extended by a period of 60 days till next two quarters i.e., till 30th September. As a one-time relaxation the gap between two
consecutive meetings of the Board may extend to 180 days till the next two
quarters. - The Companies (Auditor\’s Report) Order, 2020 shall be made applicable from the financial year 2O2O-2O21 instead of being applicable from the financial year 2019-2020.
- lndependent Directors (lDs) are required to hold at least one meeting without the attendance of Non-independent directors and members of management.
- Compliance has been allowed to create the deposit repayment reserve of 20% of deposits maturing during the FY 2020-21 till 30th June 2020.
- Compliance till 30th June 2020 given to invest or deposit at least 15% of amount of debentures maturing in specified methods of investments or deposits.
- Additional period of 180 days allowed to file declaration of newly incorporated companies for Commencement of Business.
- Non-compliance of minimum residency in India for a period of at least 182 days, shall not be treated as a non-compliance for the financial year 2019-20.
KNOWLEDGE ALERT
Insights to help you sharpen your Governance, Risk and Compliance Knowledge
Issued by: Knowledge Management Team of JHS & Associates LLP (JHS), Chartered Accountants
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