The Novel Corona-Virus (COVID-19) has hit populations around the world. In order to deal with this public health situation, the Corporate Sector would be required to play a key role in implementing the strategic policy decision of social distancing, which is most crucial for reducing the rate and extent of the disease transmission at community level.
The Central Government (the Ministry of Corporate Affairs) and the Securities and Exchange Board of India has relaxed the rules with respect to Meeting of Board and dispensed with the necessity of holding physical Meetings on the matters relating to approval of Financials, Board’s Report, Restructuring etc. up to 30th June, 2020. In order the Ministry of Corporate also examining any other relaxations under the Companies Act, 2013. As part of disaster management to meet this urgent and severe health exigency, all Companies/ LLPs are expected and strongly advised to put in place an immediate plan to implement the “Work from Home” policy as a temporary measure till 31st March, 2020, after which will be reviewed by the appropriate authorities as per the evolving situation.
Further, the Ministry of Corporate Affairs has issued a new “Web-Based Form” named as CAR (Company affirmation of readiness towards COVID-19) which will be deployed by 23rd March, 2020. All Companies/ LLPs are requested to report compliance using the above-mentioned Web service on 23rd March 2020 through their authorised signatories.
Source: MCA
