Quick Summary
The Ministry of Corporate Affairs has taken steps to provide several incentives/ relaxation/concession during Lockdown period so as to reduce the burden of companies/LLPs during COVID-19. This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance Corporate Affairs, in response to a written question in the Lok Sabha today. Enumerating the steps, Shri Thakur stated the following: Introducing Companies Fresh Start Scheme 2020 (CFSS) vide General Circular 12/2020 date
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FAQ :
The Companies Fresh Start Scheme 2020 allows companies to file pending documents without paying additional fees and provides immunity from prosecution proceedings.
Yes, the LLP Settlement Scheme, 2020 offers similar benefits to LLPs as the Companies Fresh Start Scheme 2020.
Special provisions have been introduced to enable corporates to conduct Board and General Meetings through video conferences.
A general extension of three months has been granted for holding Annual General Meetings for the financial year 2019-2020, beyond the original 30th September 2020 deadline.
Yes, corporates are allowed to spend CSR funds on various activities, including healthcare, sanitation, and disaster management, which can encompass COVID-19 relief efforts.
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