Including Covid-19 relaxations / updates
MCA21 is an e-Governance initiative of Ministry of Corporate Affairs (MCA), Government of India that enables an easy and secure access of the MCA services to the corporate entities, professionals and citizens of India.
Key MCA / ROC Circulars in brief
1. New MCA E-form Introduced: CSR related Compliance
CSR -1 : Filing of Form CSR-1 with the Registrar of Companies (MCA) for registration of entities for undertaking CSR Activities:
Form CSR-1 is required to be filed pursuant to Section 135 of the Companies Act, 2013 and Rule 4 (1) and (2) of the Companies (Corporate Social Responsibility Policy) Rules, 2014 as amended/substituted by the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021.
2. MCA issues clarification on spending CSR funds for setting up makeshift hospitals and temporary COVID care facilities
The Ministry of Corporate Affairs vide its notification dated 22nd April 2021 has clarified that spending of CSR funds for setting up “makeshift hospitals and temporary Covid care facilities” would be treated as an eligible CSR activity.
The companies may undertake the activities of setting up makeshift hospitals and temporary Covid care facilities in consultations with the State governments. This will be allowed so long as companies comply with the Companies (CSR Policy) rules 2014.
3. Relaxation in Maximum Gap between Two Board Meetings
MCA extended gap between two board meetings by 60 days for first two quarters of financial year 2021-22. According to this, the gap between two consecutive Board Meetings may extend to 180 days during the quarters, April to June and July to August.
4. Relaxation in additional fees for filing of form after due date
- In line with the extension provided in General Circular 11/2021 issued by the Ministry of Corporate Affairs, stakeholders shall be allowed to file various forms due for filing between 1st April 2021 to 31st July 2021 under the Companies Act 2013 or LLP Act, 2008 without payment of additional fees up to 31st August 2021. Please refer the list of forms under Latest News Section. List of Forms click here
- In line with the extension provided in General Circular 12/2021 issued by the Ministry of Corporate Affairs, Additional Fee/Ad valorem fee in respect of Charge documents viz. CHG-1 and CHG-9 shall be calculated after excluding No. of days between 01st April 2021 to 31st July 2021 based on the event date entered in the form.
- CFSS due date Extended: E-form CFSS-2020 may be filed till 31st August 2021.
5. MCA expands small firm definition, raises turnover and borrowing limits
The ministry of corporate affairs has expanded the definition of small and medium companies (SMC), raising their turnover and borrowing limits. This would enable a wider set of companies to avail of greater flexibility in the accounting standards.
The 388-page notification has defined small and medium companies as unlisted entities which are not banks, financial institutions or insurance firms and have a turnover of up to Rs 250 crore and borrowings up to Rs 50 crore in the immediately preceding accounting year. The threshold has been Rs 50 crore and Rs 10 crore for turnover and borrowings under the general accounting standards.
“SMC which is a holding company or subsidiary company of a non-SMC will not qualify as a small and medium company.” The notification also says that an existing company which was not a small and medium company previously but became so subsequently would not be able to avail of any exemptions in accounting standards. It can avail of these exemptions if it continues as a small and medium company for two consecutive accounting periods.
Monthly Updates with official links
Monthly Updates / Circulars / Notification - April 2021
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Particulars of the Circulars |
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E-form INC-6 revised as per Companies (Incorporation) Second Amendment Rules, 2021 is now available for filing. |
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CSR-1 Form is now available for filing as e - Form. |
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Companies (Audit and Auditors) Second Amendment Rules, 2021 |
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Company (Accounts) Second amendment Rules, 2021 |
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5. |
MCA registers 1.55 lakh company incorporations in FY 2020-21, an increase of 27% year-on-year |
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Fund raising for Public Issues and Rights Issues registered an increase of 115% and 15% respectively in FY 2020-21 |
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The Companies (Audit and Auditors) Second Amendment Rules, 2021 |
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The Companies (Accounts) Second Amendment Rules, 2021. |
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The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 |
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10 |
The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 – Provision notified |
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The Insolvency and Bankruptcy (prepackaged insolvency resolution process) Rules, 2021 |
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Publication of notice u/s 75 of the LLP Act, 2008 read with Rule 37 (2) of Limited Liability Partnership Rules, 2009 |
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MCA Appeal |
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Clarification on spending of CSR funds for setting up temporary COVID Care facilities and makeshift hospitals-reg. |
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Publication of notice u/s 75 of the LLP Act, 2008 read with Rule 37 (2) of Limited Liability Partnership Rules, 2009 |
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Cabinet approves Amendments to the Finance Bill, 2021 |
Monthly Updates / Circulars / Notification - May, 2021
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Relaxation of time for filing certain forms under the Companies Act, 2013 |
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Relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013 |
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Gap between two board meetings under section 173 of the Companies Act, 2013 (CA-13) – Clarification – reg. |
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The Ministry has issued General Circular No. 06/2021 and 07/2021 on 3rd May, 2021 allowing stakeholders to file various forms due for filing during 01/4/2021 to 31/05/2021 under the Companies Act, 2013/LLP Act, 2008 by 31st July, 2021 without payment of additional fees. |
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Clarification on spending of CSR funds for ‘creating health infrastructure for COVID care’, ‘establishment of medical oxygen generation and storage plants’ etc. |
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Extension in the last date of receipt of Application for Recruitment for the Post of Driver in NFRA on Deputation/ Re-employment |
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Please refer the attached file for the list of forms for which additional fee waiver is made available as per Circular no. 06/2021 and 07/2021. Stakeholders may please take note and plan accordingly. |
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Ministry of Corporate Affairs nudges Sebi on startup listing rules |
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Publication of provisional database for the companies under the regulatory ambit of National Financial Reporting Authority |
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Deemed approval given under Green Channel to Kyndryl Holdings LLC and Grand Ocean Managed Infrastructure Services Private Limited for internal restructuring of IBM Corporation |
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Clarification on spending of CSR funds for ‘creating health infrastructure for COVID care’, ‘establishment of medical oxygen generation and storage plants’ etc. |
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Clarification on offsetting the excess CSR spent for FY 2019-20 – reg. |
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List of forms providing waiver of additional fee as per Circular no. 06/2021 and 07/2021 – Total 40 forms added to extension List Due date has been extended till 31st July, 2021 |
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Minister of State for Finance and Corporate Affairs Shri Anurag Singh Thakur launches 1st Phase of MCA21 Version 3.0 Revamped website, e-Book, e-Consultation module and new email services deployed for better stakeholders’ experience introduced |
Monthly Updates / Circulars / Notification - June, 2021
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MCA New V3 Website Overview |
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Companies (Incorporation) 4th Amendment Rules 2021 |
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Companies (Meetings of Board and its Powers) Amendment Rules 2021 |
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Please refer the attached file for the list of forms for which additional fee waiver is made available as per Circular no. 06/2021 and 07/2021. Stakeholders may please take note and plan accordingly |
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Publication of notice u/s 75 of the LLP Act, 2008 read with Rule 37 (2) of Limited Liability Partnership Rules, 2009 |
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Union Minister of State for Finance and Corporate Affairs Shri Anurag Singh Thakur launches IEPFA’s 6 modules of short films titled “Hisab Ki Kitaab” |
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National Financial Reporting Authority seeks comments/suggestions from public and stakeholders on consultation paper on NFRA’s engagement with its stakeholders |
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Companies (Indian Accounting Standards) Amendment Rules, 2021 |
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Companies (Creation and Maintenance of databank of Independent Directors) Amendment Rules, 2021 |
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The Companies (Accounting Standards) Rules, 2021. |
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clarification on passing of ordinary and special resolutions |
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Relaxation on levy of additional fees in filing of certain Forms under the Companies Act, 2013 and LLP Act 2008 - Extension of time |
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Relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013-Extension of time - reg. |
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Refer the attached file for the list of forms for which additional fee waiver shall be made available/ extended in line with the General Circulars 11/2021 and 12/2021. Stakeholders may please take note and plan accordingly. CFSS Due Date Extended |
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In line with the extension provided in General Circular 11/2021 issued by the Ministry of Corporate Affairs, stakeholders shall be allowed to file various forms due for filing between 1st April 2021 to 31st July 2021 under the Companies Act 2013 or LLP Act, 2008 without payment of additional fees up to 31st August 2021. Please refer the list of forms under Latest News Section. |
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In line with the extension provided in General Circular 12/2021 issued by the Ministry of Corporate Affairs, Additional Fee/Ad valorem fee in respect of Charge documents viz. CHG-1 and CHG-9 shall be calculated after excluding No. of days between 01st April 2021 to 31st July 2021 based on the event date entered in the form |
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eform CFSS-2020 may be filed till 31st August 2021. Stakeholders may please note and plan accordingly. |
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