The Ministry of Corporate Affairs (MCA) has sought to ease the compliance burden of companies and limited liability partnerships (LLPs) facing challenges posed by COVID-19, with general circular No 11, dated 24 March 2020, addressing and relaxing certain routine compliance rules and requirements under the Companies Act, 2013.
The key relaxations under the circular are as follows:
- Relaxations for late filing. No additional fees shall be charged for any late filings during a moratorium period from 1 April 2020 to 30 September 2020, in respect of any document, return, statement etc., required to be filed in the MCA-21 Registry, irrespective of its due date.
- This relaxation was provided for the purposes of enabling companies and LLPs to make a “fresh start”. A separate set of detailed circulars were issued, being the Companies Fresh Start Scheme 2020 (vide general circular No 12, dated 30 March 2020) and the modified LLP Settlement Scheme 2020 (vide general circular No 13, which modified general circular No 6).
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The business law digest is compiled by Nishith Desai Associates, a research-based international law firm with offices in Mumbai, New Delhi, Bengaluru, Singapore, Silicon Valley, Munich and New York. The firm specializes in strategic legal, regulatory and tax advice coupled with industry expertise in an integrated manner..
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