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Corona Corporate Rescue: FM relaxes governance norms, defers deadlines
Certain measures were announced by the Honourable Finance Minister of India to reduce the compliance burden on the corporate sector that is working from home because of the outbreak of the coronavirus.
These measures, in brief, are as follows:
- Relaxed the need to hold Board meetings for once in 60 days for the next two quarters.
- Further, if the Independent Director does not hold any meeting, it would not be considered a violation of Corporate Governance norms.
- Also, the moratorium on additional fees for late filing has also been announced.
- Moreover, additional six months is given for filing ‘declaration of commencement of business’.
- And, Companies Auditor Report Order (CARO) Rules, 2020 have been deferred and will now be applicable from FY 2020-21.
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