Jatin Aggarwal & Associates

10/09/2020

Kindly note very carefully.

The final crux and IMPACT of extension of time for Conducting AGM for the financial year ended 31 March, 2020 is given below

The last date for conducting AGM is not 31.12.2020 for All companies. i.e.it vary from case to case.

1. If any Company has conducted their last AGM on 30.09.2019 than the last date shall be 31.12.2020

2. If any Company has conducted their last AGM on 30.07 .2019 than the last date shall be 30.10.2020 (12 months + 3months)

Reason:- time gap between two AGM shall not exceed 15 months in any case.

01/09/2020

19/08/2020

MCA has examined the matter and it is stated that the Ministry had already issued regarding holding of AGM through video conferencing (VC) or other audiovisual means (OAVM) for the calendar year 2020. In addition, the companies which are unable to hold their AGMs were advised to prefer applications for extension of AGM at a suitable point of time before the concerned Registrar of Companies under section 96 of the Act. MCA has once again reiterated that the companies which are unable to hold their AGM for the financial year ended on 31.03.2020, despite availing the relaxations, have to file their applications in form No. GNL-1 for seeking an extension of time in holding of AGM for the financial year ended on 31.03.2020 with the concerned Registrar of Companies on or before 29.09.2020. Further, the Registrars of Companies are hereby advised to consider all such applications (filed in Form No. GNL-1) liberally in view of the hardships faced by the stakeholders and to grant extension for the period as applied for (up to three months) in such applications.

10/08/2020

All the existing EM Part II and UAMs obtained till 30.06.2020 shall remain valid till 31.03.2021. There are also doubts about whether existing UAM holders may edit or amend their details on the UAM portal. It is clarified that the same can be done till 31.3.2021. Those enterprises that have not entered their Aadhaar or PAN number so far in the UAM portal are hereby advised to obtain Udyam Registration Number well before 3l.3.2021. It is further clarified that online Form for Udyam Registration captures depreciated cost as on 31st March each year of the relevant previous year for Value of Plant and Machinery or Equipment. Therefore, the value of Plant arid Machinery or Equipment’s for all purposes shall mean the Written Down Value (WDV) as at the end of the Financial Year as defined in the Income Tax Act and not the cost of acquisition or original price, which was applicable in the context of the earlier classification criteria.

09/08/2020

Now revival of LLP is also possible Landmark Judgement by NCLT Kolkata Bench

08/08/2020

to further amend Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 which shall come into force on the date of their publication in the Official Gazette i.e 05-08-2020. The amendments are made in Regulation 4(2) which specifies the liquidator has to distribute the amount realised and if he does not do so, there shall be a corresponding fee applicable. The Regulations require the committee of creditors to fix the fee payable to the liquidator. Where the fee has not been fixed by the committee of creditors, the Regulations provide for a fee as a percentage of the amount realised and of the amount distributed by the liquidator. There have been instances where a liquidator realises the amount while another liquidator distributes the same to stakeholders. The amendment made to the Regulations yesterday clarifies that where a liquidator realises any amount but does not distribute the same, he shall be entitled to a fee corresponding to the amount realised by him.

05/08/2020

GST REGISTRATION IS MANADATORY FOR
wef 01st April, 2021

04/08/2020

revised Standard Operating Procedure for hearing of cases through virtual mode (Cisco Webex Meeting Platform) from 04.08.2020 till further orders. The mentioning application shall be submitted only by e-mail at the email address [email protected]. If the mentioning application is allowed, the Learned Advocate / Authorized Representative /Party-in-Person shall file the Appeal/ Interlocutory application in hard copy as per the procedure prescribed under NCLAT Rules. The parties shall not be permitted to rely upon any document other than the documents duly filled along with the Appeal/Interlocutory application in conformity with the NCLAT Rules. The mentioning application must contain a separate paragraph giving consent for taking up the matter through virtual mode.

31/07/2020

The SEBI has further extended the timeline for authentication/ certification of any filing/ submission made to stock exchanges under the LODR Regulations may be done using digital signature certifications till December 31, 2020 due to the impact of the COVID-19 pandemic.

The said Circular shall apply for filings/ submissions made from July 01, 2020.