National Industrial Classification Code

National Industrial Classification Code

National Industrial Classification Code is a five digit code and also known as known as NIC Code. The Company uses NIC Code based on the main business activities at the time of incorporation. What is NIC Code? National Industrial Classification Code (NIC) is a statistical standard for developing and maintaining a comparable data base analyzing each business entity data in the asset development of the Government of India (GOI) and for various economic activities. This […]

Initiative Taken by NCLT — National Company Law Tribunal during the COVID-19 pandemic

The outbreak of COVID-19 has adversely affected the global economy and lives of people. The growth rate of the Indian economy has fall down. Various regulators and Government have taken several measures and initiatives to cope up with the consequences of COVID-19 outbreak. Similarly, following are the initiatives taken by the National Company Law Tribunal (NCLT) to fight against COVID-19: 1) Postponement of dates of hearing of the Pending matters. In view of controlling the […]

ICSI taken relief measures during Covid-19

The ICSI taken relief measures during Covid-19 Pandemic

The COVID-19 not only have severely disrupted the Financial Market but also the global economy has taken a major setback as well. The Indian scenarios is no different. Due to the unprecedented challenges of COVID-19 on the society we are living in, The Institute of Company Secretaries of India (ICSI) has taken relief measures during COVID-19 to lessen the burden on the professionals. The Government of India along with various regulatory authorities has also taken […]

Steps taken by Government to Support MSME Sector in fight against COVID-19

With uncertainty of the duration of the COVID-19 pandemic, Government has been working with various regulators and local statutory bodies to come together and work towards repurposing business plans, restart the operation activities, protect employees and workers, boost small and medium-scale businesses. Government has issues relief measures for MSMEs to help them survive this difficult time. Due to the COVID-19 crisis forcing lockdown all over the nation, smaller businesses have been largely affected as their […]

MCA allows relaxation of holding AGM against Covid-19

MCA allows relaxation for holding AGM against Covid-19

In a massive relief to the Companies, the Ministry of Corporate Affairs (MCA) via general circular No. 18/2020 allows relaxation for holding Annual General Meeting (AGM) to fight against COVID-19 to the Companies whose financial year ended on December 2019. Under Companies Act, every Company requires to hold AGM within a period of six months (Nine months in case of first AGM) from the closure of the financial year and not later than 15 months […]