1. Extension for AIFs: SEBI has issued a Circular dated 30 March 2020 extending due date for regulatory filings for Alternative Investment Funds (“AIFs”) and Venture Capital Funds (“VCFs”) for the periods ending 31 March 2020 and 30 April 2020 by two months, over and above the timelines prescribed by SEBI (Alternative Investment Funds) Regulations, 2012.
2. EGMs Through VC: Ministry of Corporate Affairs has issued a Clarification on Passing of Ordinary and Special Resolution on April 8, 2020. It has clarified that EGMs may be held through video conferencing or other audio-visual means before June 30, 2020. However, the recorded transcript of such a meeting has to be preserved and other requirements mentioned in the Circular have to be followed.
3. Board Meetings Through VC: Ministry of Corporate Affairs has amended the Companies (Meetings of Board and its Powers) Rules, 2014 such that meetings on matters related to approval of annual financial statements, board report, merger, amalgamation etc. can be held through video conferencing or other audio-visual means for the period between 19th March 2020 to 30th June 2020.
4. CSR to Fight Covid-19: MCA vide circular dated 23rd March, 2020 has clarified that companies are allowed to use their CSR spending on measures to fight Covid-19, such as promotion of healthcare, including preventive health care and sanitation and disaster management.
This post has been contributed by Ms. Vaneesa Agrawal.
[DISCLAIMER: This article is for academic purpose and is solely to provide readers with general information regarding developments in Indian law. The information contained herein does not constitute legal or a professional advice.]