Covid19nBusiness

The revised timelines are as follows: - 1. Names reserved for 20 days for new company incorporation. SPICe+ Part B needs to be filed within 20 days of the name reservation. Names expiring any day between 15th March 2020 to 3rd May would be extended by 20 days beyond 3rd May 2020. 2. Names reserved for 60 days for change of name of the company. INC-24 needs to be filed within 60 days of name reservation. Names expiring any day between 15th March 2020 to 3rd May would be extended by 20 days beyond 3rd May 2020. 3. Extension of RSUB validity for companies. SRNs where last date of Resubmission (RSUB) falls between 15th March 2020 to 3rd May 2020, additional 15 days beyond 3rd May 2020 would be allowed. However, for SRNs already marked under NTBR, extension would be provided on case to case basis. Note: Forms will not get marked to (Not to be taken on Record)’NTBR’ due to nonresubmission during this extended period as detailed above 4. Names reserved for 90 day...

In the wake of challenges for the Indian economy arising out of the Covid-19 pandemic and with a view to improving access to funding to the corporates through capital markets, SEBI has decided to grant certain temporary relaxations from the regulatory provisions related to rights/ public issuances by listed entities. Rights Issues 1. Fast track Rights issuances Towards expanding the universe of listed entities for the purpose of fast track rights issuances, SEBI has relaxed the following conditions: The eligibility requirement of average market capitalisation of public shareholding of INR 250 crores has been reduced to INR 100 crores. The requirement related to period of listing of equity shares of the issuer for at least three years has been reduced to listing for eighteen months only. The condition related to no audit qualifications on issuer’s audited accounts has been replaced with the requirement to disclose the impact of audit qualifications on issuer...

In view of the impact of the COVID-19 pandemic, based on representations from various industry bodies, SEBI has decided to grant the following one time relaxations: Public issue/Rights issue In terms of Regulation 44(1), 85 and 140 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR Regulations), a public issue/rights issue may be opened within twelve months from the date of issuance of observations by SEBI. The validity of the SEBI Observations where the same have expired/ will expire between March 1, 2020 and September 30, 2020 has been extended by 6 months, from the date of expiry of such observation, subject to an undertaking from lead manager of the issue confirming compliance with Schedule XVI of the ICDR Regulations while submitting the updated offer document to the Board. In terms of Schedule XVI (1) (f)(i) of the ICDR Regulations, 2018 any increase or decrease in estimated fresh issue size by m...

In view of the situation arising due to COVID-19 pandemic, extended lockdown period and based on representation received from the Depositories regarding relaxation in timelines for compliance with regulatory requirements by Depositories and depository participants, it has been decided to provide relaxation in timelines for below compliance requirements. Submission of BO Grievances Report to Depositories. Submission of half yearly Internal Audit Report (IAR) by DPs for half year ended 31st March 2020. Redressal of investor grievances. Transmission of securities. Closure of demat account Systems audit on annual basis. Reporting for Artificial Intelligence (AI) and Machine Learning (ML) applications. Risk Based Supervision The details are given in the circular. Kindly click on below link to view the circular SEBI Circular

RBI has advised the banks to extend the benefit of Interest Subvention of 2% and Prompt Repayment Incentive (PRI) of 3% for short term crop loan upto Rs. 3 lakhs to farmers whose account have become due between 1 st March, 2020 ànd 31 st May, 2020. Farmers whose loan repayment date lies between March 01, 2020 and May 31, 2020 can repay till end of May without any penal interest. RBI Circular

Indian Railways announces slew of Incentives for Freight Traffic during COVID pandemic including the following: - No Haulage Charge for movement of empty containers and empty flat wagons from 24.03.2020 till 30.04.2020 More Customers can register their demands and also receive Railway Receipt for goods electronically instead of having to visit the goods sheds physically, making it more convenient and speedier for customers. In case customer does not avail electronic Receipt, they can take delivery of goods without submitting Railway Invoice (Railway Receipt) at destination point by using alternate procedure. Minimum number of BCNHL (covered wagons used for bagged consignments like foodgrains, agricultural produce etc) required to be loaded in order to avail train load rates has been reduced from 57 to 42 wagons now, with a view to support loading of essential items. The distance related conditions governing mini rake, two point rake etc have been relaxed to encourage ...

SEBI relaxes buy-back period restriction for companies in view of COVID-19 to enable quicker access to capital. Currently, regulations restrict companies to raise capital for a period of one year from the expiry of buy-back period. This has been reduced to 6 months. SEBI Circular

All companies including top 100 listed companies by market capitalization whose financial year-end on 31 st December 2019 may hold their Annual General Meeting within a period of nine months from the closure of financial year (i.e. by 30 th September, 2020) The notification links have been provided below: - SEBI Circular MCA Clarification

Union  Human Resource Development ( HRD) Minister launches national program VidyaDaan 2.0 for inviting e-learning Content contributions in New Delhi VidyaDaan is a common national programme to develop and contribute e-learning content and a chance to be recognized nationally - Union HRD Minister Content to be used on DIKSHA app to help millions of children across the country to continue their learning anytime and anywhere – Shri Ramesh Pokhriyal ‘Nishank’. For more information, please click on below link Press release

In order to engage students meaningfully during their stay at home due to COVID-19 through educational activities at home with the help of their parents and teachers, the alternative academic calendars at primary and upper primary stage (Classes VI to VIII) have been developed by the NCERT under the guidance of the MHRD. This Alternative Academic Calendar for upper primary stage was released by Union Human Resource Development Minister Shri Ramesh Pokhriyal ‘Nishank’ in New Delhi today. The Alternative Academic Calendar for the primary stage has been released by Union HRD Minister on 16 April, 2020. For more information, please click on below link Press Release

As per the press note   released by the  Ministry of Commerce & Industry any new Investment of even a single share via Foreign Direct Investment (FDI) in India will need prior approval from Government of India of all sectors irrespective of the quantum of FDI from China, Bangladesh, Bhutan, Myanmar, Nepal, Pakistan, Afghanistan. Transfer of existing or future FDI in an entity in India, directly or indirectly, resulting in beneficial ownership falling within countries which share land borders with India will also need approval from the Government of India. Press Note

The Insolvency And Bankruptcy Board Of India has issued a notification on  17th April, 2020 as per which the period of lockdown imposed by the Central Government in the wake of COVID-19 outbreak shall not be counted for the purposes of computation of the time-line for any task that could not be completed due to such lockdown, in relation to any liquidation process. Notification

The Ministry of Home Affairs has issued consolidated guidelines on the measures to be taken for containment of COVID-19 in the country. Guidelines have been issued on below subjects: - List of Activities to remain prohibited 3rd May, 2020 Operation of guidelines in Hotspots and containment zones List of Select permitted activities allowed with effect from 20th April, 2020 Strict enforcement of the lockdown guidelines All health services to remain functional Agriculture & related activities Functional areas in Financial sector Social sector Online teaching MNREGA workers Public utilities Movement of goods Supply of essential commodities Private Establishments Industrial Establishments Construction activities Movement of people Government offices Persons to remain under mandatory quarantine Lockdown instructions Penal provisions To view, the guidelines in detail, kindly click on below link Ministry of Home Affairs- Order

Department of Commerce has Provided a number of Relaxations / Extensions of various Compliance Deadlines etc. to address Corona Pandemic Related Hardships of Exporters In order to give relief to businesses and affected individuals amidst the stress caused by the novel coronavirus pandemic, Department of Commerce, Ministry of Commerce and Industry has introduced several relaxations and extensions in deadlines etc. with regard to compliances mandated under its schemes and activities. The key relaxations pertaining to the Department of Commerce were consolidated and published vide press release. The relaxation were on below subjects and are provided in detail in the press release, the link of which is given below Ministry of Commerce & Industry- Press Release. A. FACILITATION UNDER FOREIGN TRADE POLICY (FTP) 2015-20 BY DGFT. 1. Extension of FTP beyond 31 March 2020. 2. Advance Authorizations and EPCG Authorizations: Extension of Export Obligation Period etc....

In view of reported incidents of harassment of Doctors and Medical Staff, Union Ministry of Home Affairs (MHA) has directed all States/UTs and respective Police authorities to provide necessary Police Security to them in hospitals and at places where patients who have been diagnosed COVID-19 positive or where suspected cases are quarantined. It has also been communicated to provide necessary police security to doctors and medical staff who visit places to conduct screening of people to find out symptoms of the disease. Press Release

The following measures have been taken by Competition Commission of India (CCI) in view of COVID-19 outbreak:  Allowed facility to file certain information electronically. Combination notices may be filed electronically. The fee for filings may be made electronically via direct account transfer. Parties of combination may avail pre-filing consultation (PFC) through video conference. Competition commission of India- Circular

The Union Minister of Agriculture and Farmers Welfare, Shri Narendra Singh Tomar launched the All India Agri Transport Call Centre at a function in Krishi Bhavan today to facilitate inter-state movement of perishables in the current situation of lockdown due to the COVID-19 threat. The Call Centre numbers are 18001804200 and 14488. These numbers can be called from any mobile or landline phones any time of the day or night The 24x7 service All India Agri Transport Call Centre is an initiative of the Department of Agriculture, Cooperation and Farmers Welfare (DAC&FW), Government of India for coordination between States for inter-state movement of perishables - Vegetables & Fruits, Agri Inputs like seeds, pesticides and fertilizer etc. Press Release

In big boost to provide protection to Health Care professionals in fight against COVID 19, Indian Railways plans to produce over 30,000 Personal Protective Equipment (PPE) Coveralls for medical and health-care personnel who get directly exposed to the COVID-19 disease when working amongst infected patients in April 2020. In a mission mode, Railways Plan to manufacture 1,00,000 of the same in May 2020 The press release says that it will set an example for other stake holders to prepare such protective coveralls for health workers Production Units, Zonal Railway Workshops and field units of Indian Railways have geared up to manufacture PPE coveralls in large numbers Posted On: 15 APR 2020 2:23PM by PIB Delhi- Press Release

Employees' State Insurance Corporation (ESIC) has undertaken following relief measures for its stakeholders specially Employers and Insured Persons, besides strengthening its medical resources to fight COVID-19. As a relief measure, the period for filing ESI contribution for the month of February and March was earlier extended to 15 April and 15 May, respectively. Now, considering the hardship being faced by employers, the period for filing ESI contribution for the month of February has been further extended from earlier extended period i.e. 15 April to 15 May, 2020. No penalty or interest or damage will be levied on establishments during the extended period. It is estimated that 3.49 crore Insured Persons (IPs) and 12,11,174 employers will get relief with the extension of period for filing the return. In order to ease hardship of ESI Beneficiaries, purchase of medicines by ESI beneficiaries from private chemists during the lockdown period and its subsequent reimbur...

National Disaster Management Authority (NDMA) after assessing the situation on COVID-19 epidemic is satisfied that social distancing measures need to be implemented for a further period so as to effectively contain the spread of COVID-19 in the country. In exercise of its powers under the Disaster Management Act, 2005, NDMA has issued an order (link provided at the end) directing the chairperson, National Executive Committee that existing lockdown measures be continued to be implemented in all parts of the   Country, upto 03.05.2020 Ministry of Home Affairs- Order

The Ministry of Railways has via Press Information Bureau (PIB) notified the following in connection with passenger railway service All passenger train services cancelled till 3rd May 2020 in view of COVID 19 lockdown. All ticket counters for bookings including UTS & PRS , will remain suspended till further orders. No advance reservation of train tickets, including E tickets, till further advice, however, facility of online cancellation will remain functional. Full refund for reservation made for the trains cancelled. Full refund will also be there for those cancelling the advance bookings of tickets for trains not yet cancelled. Press Release.

Securities Exchange Board of India (SEBI) has vide its circular dated April 13, 2020 issued relaxation to intermediaries / market participants for equivalent period of lock down declared by Government of India, over and above the prescribed time limits, respectively, for below activities / investor requests / compliance Processing of Remat Requests Processing of Transmission Requests Processing of request for Issue of Duplicate Share Certificates. Processing of Requests for Name Deletion/ Name Change/ Transposition/ Pending Share Transfers (Re-lodgement cases in the case of share transfers) Processing of Requests for Consolidation / Split / Replacement of Share Certificates / Amalgamation of Folios. Handling Investor Correspondence / Grievances / SCORES complaint. Submission of Half Yearly Report to SEBI pursuant to Circular No. CIR/MIRSD/7/2012 dated July 5, 2012. Compulsory Internal Audit of RTAs by CA / CS / CMA holding Certificate of Practice and Certified Information...

Government of India has issued helpline numbers for all states and Union territories for any assistance on account of COVID-19 pandemic. The numbers have been provided in the below link: - Helpline Numbers

Securities Exchange Board of India (SEBI) has informed BSE Limited about the decision to relax the timelines for filing Share Capital Audit Report for the quarter ended March 31, 2020, in terms of Regulation 76 of SEBI (D&P) Regulations, 2018. Companies are permitted to file the said report for the quarter ended March 31, 2020 by  May 31, 2020. Source BSE Circular

Ministry of Corporate Affairs (MCA) has issued a notification to clarify the eligibility of CSR expenditure related to COVID-19 activities. In this regard, a set of FAQs along with clarifications as mentioned below have been provided for a better understanding of the stakeholders: S. No. Frequently Asked Questions (FAQs) Reply 1. Whether contribution made to ‘PM CARES Fund’ shall qualify as CSR expenditure? Contribution made to ‘PM CARES Fund’ shall qualify as CSR expenditure under item no (viii) of Schedule VII of the Companies Act, 2013 and it has been further clarified vide Office memorandum F. No. CSR-05/1/2020-CSR-MCA dated 28th March, 2020. 2. Whether contribution made to ‘Chief Minister’s Relief Funds’ or ‘State Relief   Fund for COVID-19’ shall qualify as CSR expenditure? ‘Chief Minister’s Relief Fund’ or ‘State Relief Fund for COVID-19’ is not included in Schedule VII ...

The Govt. of India on 26.03.2020 announced Rs.1.70 Lakh Crore relief package under Pradhan Mantri Garib Kalyan Yojana (PMGKY) for the poor to help them fight the battle against Corona Virus Pandemic. As part of the said package, the Central Govt. proposes to pay 24 percent of the monthly wages into EPF accounts for next three months of Wage-earners below Rupees fifteen thousand per month, who are employed in establishments having up to one hundred employees, with 90% or more of such employees earning monthly wages less than Rs.15000/-. Government of India- Scheme

The Telangana government has updated the earlier advisory of ‘Masks only for the Sick’ to ‘Mask on while stepping outdoors, in closed spaces and while interacting with others’. The latest advisory issued by the Health, Medical and Family Welfare department asking everyone to use masks whenever they go out or even while interacting with others is based on the latest learning from the medical and scientific community. The following points may be strictly ensured as per the advisory: - The mask should cover nose, mouth and chin completely. All offices and work places may be encouraged to use Masks by all their employees at all times.  Mask should be used by all frontline workers while on duty.  All residents of rural areas should also be encouraged to use masks while at work or in public places.  Mask on doesn't mean that mask will hang around the neck.  Wash your hands thoroughly before wearing the mask. At the beginning of the day, use only...

The Government of India vide its order dated 31 st March, 2020 bearing order no. PD-14300/4/2020-PD VII issued guidelines to Major Ports on below two aspects: - I. Exemptions/Remission on penalties etc. The Government in its order said that given the nation-wide lockdown, there is an inevitable impact in the form of delays in evacuation of cargo and inability to fulfill obligations by various parties/stakeholders due to the effect on the downstream services. In view of the situation arising because of the lock down and after considering the representations received from various shareholders, Major port are directed that – They shall ensure no penalties , demurrage, charges, fee, rentals are levied on any port user (traders, shipping lines, concessionaires, licensees, etc.) for any delay in berthing, loading/unloading operations or evacuation/arrival of cargo by the reasons attributable to lockdown measures from 22 nd  March to 14 th April, 2020. ii. Issue relat...