Tag Archives: board meeting

SEBI relaxation – covid

SEBI has vide its circular dated 26th June, 2020 given further relaxation to listed companies to hold their Board/ audit committee meetings beyond the period of 120 days upto 31st July, 2020. Earlier this relaxation was upto 30th June, 2020. But the listed companies should ensure that they meet atleast four times during the year.

This is in view of the covid pandemic raging throughout the world.

Copy of SEBI circular in this regard can be found here

https://www.sebi.gov.in/legal/circulars/jun-2020/relaxation-of-time-gap-between-two-board-audit-committee-meetings-of-listed-entities-owing-to-the-covid-19-pandemic_46945.html

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Video conferencing board meeting

MCA has vide its notification dated 23rd June, 2020 amended the Companies (Meeting of the Board and its Powers), Rules, 2014 wherein it has allowed board meetings to be held on video conferencing basis or other audio visual means for even those items of business which were not allowed to be decided by any means other than physical board meetings. Such items were approval of annual financial statements, Board report, prospectus, amalgamation, merger, demerger, acquisition, takeover and the audit committee meetings to consider financial statement including consolidated financial statement.

In view of the covid, this relaxation was given upto 30th June, 2020. Now under this amendment, this relaxation has been extended upto 30th September, 2020.

MCA should well have extended this relaxation for the entire calendar year 2020 since AGM is allowed to be held on video conferencing or other audio visual means during the entire calendar year 2020. It might as well save them botheration of keeping changing the notification time and again.

Copy of MCA circular can be found here.

http://www.mca.gov.in/Ministry/pdf/Rule1_25062020.pdf

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