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 […]

Compliance chart for the Companies regarding ROC filing

Every year, Company has to file multiple forms with Ministry to comply with the mandatory statutory requirements as specified under the Act. The Compliance chart for the companies regarding ROC filing below provides a brief view of the Forms along with their purpose, applicability and relevant due dates required to file with MCA Name of E-Form/ Return Purpose of E-Form/ Return Due Date of Filing DIR-3 KYC/ KYCWEB Any Person having DIN as on 31 […]

Relaxations granted by SEBI during COVID-19

COVID-19 – Relaxations granted by the Securities Exchange Board of India (SEBI)

The global outbreak of coronavirus (COVID-19) is an unprecedented event and it has led to lockdowns and unexpected restrictions on the public as well as the corporate sector across the world. Regulatory authorities have granted several relaxations to assist businesses to cope with the compliance burden and economic distress. Let’s discuss herein below a few relaxations granted by the Securities and Exchange Board of India (SEBI) 1. Extension for Disclosure Filings under the SEBI Takeover […]

Relaxations granted by IRDA during COVID-19

COVID-19 – Relaxations granted by the Insurance Regulatory and Development Authority of India (IRDA)

COVID-19 had resulted into grave and unsettling consequences. Since March 24, 2020, the Government of India (GOI) has announced complete lockdown in entire nation in order to control the spread of COVID-19. Keeping in mind the aforesaid, the Insurance Regulatory and Development Authority (IRDA) of India has granted several relaxations vide various notifications and circulars. Relaxations granted by IRDA are mentioned below: Submission of Final Re-insurance Programme – In compliance with the regulations, insurers are required to […]

Cabinet Committee on Economic Affairs (CCEA)

Cabinet Committee on Economic Affairs (CCEA) approves Upward revision of MSME definition and modalities/ road map for implementing remaining two Packages for MSMEs (a)Rs 20000 crore package for Distressed MSMEs and (b) Rs 50,000 crore equity infusion through Fund of Funds   Fully paved way for Energising the MSME Sector through entire gamut of ‘Atmanirbhar Bharat Package’   In line with Government of India’s top focus on energising MSMEs in the country, a special meeting […]

New ITR Forms

New disclosures in the new ITR Forms 1 to 7

The Income-tax (IT) department on Sunday said in a tweet that CBDT notified ITR forms 1 to 7 for AY 2020-21. These forms will include income and investment details for FY 2019-20 through an order dated May 29. Some of the new disclosures asked in the new ITR forms 1 to 7 are: 1.House ownership: Individual taxpayers who are joint owners of house property cannot file ITR 1 or ITR 4. 2. Passport: Taxpayer needs […]

PM Modi Launches CHAMPIONS: Technology Platform to empower MSMEs

PM Modi Launches CHAMPIONS: Technology Platform to empower MSMEs

Today, Prime Minister Shri Narendra Modi launches CHAMPIONS: Technology platform to empower MSMEs. CHAMPIONS stands for Creation and Harmonious Application of Modern Processes for Increasing the Output and National Strength. This portal is basically for making the smaller units big by solving their grievances, encouraging, supporting, helping and handholding. It is a real one-stop-shop solution of MSME Ministry. This ICT based system is set up to help the MSMEs in present difficult situation and also to handhold them to become national and international champions. […]

Covid-19: amendments to IFRS 16 Leases

Covid-19: amendments to IFRS 16 Leases

The International Accounting Standards Board (IASB) has issued an amendments to IFRS 16 Leases to make it easier for lessees to account for Covid-19-related rent concessions such as rent holidays and temporary rent reductions The amendments to IFRS 16 Leases exempts lessees from having to consider individual lease contracts to determine whether rent concessions occurring as a direct consequence of the Covid-19 pandemic are lease modifications, and allows lessees to account for such rent concessions […]

Extension for expiration of reservation of name and change in name by MCA

In view of the extended lockdown due to COVID-19, The Ministry of corporate affairs (MCA) has granted extension for expiration of reservation of name for company incorporation by 20 days from May 31 for those reserved names that were expiring between May 15-31. Similarly, in case of existing companies, the Extension for expiration of reservation of name for change in name was extended for another 60 days from May 31, said the notification released on […]

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 […]