OPC Annual Filing & AGM Provisions (including 2020 extension clarification)

One Person Company:

Sec 2(62) "One Person Company" means a company which has only one person as a member. 

For OPC: Return Filing Provisions & AGM

• Section 137 of the Companies Act, 2013

One Person Company shall file a copy of the financial statements duly adopted by its member, along with all the documents which are required to be attached to such financial statements, within one hundred eighty (180) days from the closure of the financial year

• AGM not Applicable for OPC: Section 96

(1) Every company other than a One Person Company shall in each year hold in addition to any other meetings, a general meeting as its annual general meeting and shall specify the meeting as such in the notices calling it, and not more than fifteen months shall elapse between the date of one annual general meeting of a company and that of the next:

For FY 2019-20: OPC Annual Filing & AGM

Due date for Annual Filing was 27.09.2020 and can be filed till 31.12.2020 without any additional fee under CFSS, 2020 but at present CFSS is finished. So in case return has not been filed, Penalty (additional fees) will be levied from the due date (27.09.2020). 

Further AGM Provisions under Section 96 of CA, 2013 are not applicable on One Person Company (OPC). AGM Extension will not work for OPC because due date for filing Annual Returns is 180 days from closure of FY not from the date of AGM. 

In case you want to conduct AGM voluntary for OPC, you are required to conduct the same  before due date of return i.e. 27.09.2020. 

AGM extension orders not applicable on OPC and hence OPC can't conduct their AGM (Voluntary) beyond 27.09.2020.

Delhi Order Copy: http://www.mca.gov.in/MinistryV2/extensionofagm.html 

Kindly note that: (for other than OPC & knowledge purpose)

 Date of AGM shall be included while calculating the filing days. For Example:

AGM Date is 31.12.2020 then ADT-1 has to be filed on or before 14.01.2021 & AOC-4 on or before 29.01.2021 without any additional fee. The same will be applicable for MGT-7 as well (within 60 days from AGM)

Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.

MCA / ROC Annual Filing Due Dates including OPC

MCA / ROC Annual Filing Due Dates)

r Due dates of LLP Return Filing:

 •         LLP Form 8 (Statement of Account & Solvency) on or before 31.12.2020 (due date is 31.10.2020 and extended as per Modified LLP Settlement scheme, 2020)

 •         The charge details i.e. creation, modification or satisfaction of charge, can be filed through Appendix to e-Form 8 (Interim)

•         Form LLP -8 can be filed after due date with a penalty of Rs. 100/- per day till the filing is completed.

Due dates of ROC Annual Return Filings:

Sl.	Particulars	Due Date	E- Form
1	Appointment of Auditor	Within 15 days from the conclusion of AGM (ratification at every annual general meeting is not mandatory)	ADT-1
2	Filing of financial statement and other documents with the ROC	Within 30 days from the conclusion of the AGM, other than OPC (In case of OPC within 180 days from the close of the financial year)	AOC-4
3	Filing of annual return by a company.	With in 60 days from the conclusion of AGM	MGT-7
4	Filing of Cost Audit Report with the Central Government	With in 30 days from the receipt of Cost Audit Report Extension notification: Click here	CRA-4
5	Filing of Resolutions and agreements to the Registrar	Within 30 days from the date of Board Meeting.	MGT-14

 Kindly note that:

 Date of AGM shall be included while calculating the filing days. For Example:

AGM Date is 31.12.2020 then ADT-1 has to be filed on or before 14.01.2021 & AOC-4 on or before 29.01.2021 without any additional fee. The same will be applicable for MGT-7 as well (within 60 days from AGM)

For OPC:

Section 137 of the Companies Act, 2013

One Person Company shall file a copy of the financial statements duly adopted by its member, along with all the documents which are required to be attached to such financial statements, within one hundred eighty (180) days from the closure of the financial year

For FY 2019-20:

Due date for Annual Filing was 27.09.2020 and can be filed till 31.12.2020 without any additional fee under CFSS, 2020 but at present CFSS is finished. So in case return has not been filed, Penalty (additional fees) will be levied from the due date (27.09.2020). 

Further AGM Provisions under Section 96 of CA, 2013 are not applicable on One Person Company (OPC). AGM Extension will not work for OPC because due date for filing Annual Returns is 180 days from closure of FY not from the date of AGM. 

In case you want to conduct AGM voluntary for OPC, you are required to conduct the same  before due date of return i.e. 27.09.2020. 

AGM extension orders not applicable on OPC and hence OPC can't conduct their AGM (Voluntary) beyond 27.09.2020.

Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.

The Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021

The Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021

Ministry of Corporate Affairs (MCA) vide Gazette ID No.  CG-DL-E-22012021-224640 dated 22^nd day of January, 2021 has released the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021 in exercise of the powers conferred by section 135 and sub-sections (1) and (2) of section 469 of the Companies Act, 2013 further to amend the Companies (Corporate Social Responsibility Policy) Rules, 2014.

 Applicability: They shall come into force on the date of their publication in the Official Gazette unless explicitly provided elsewhere in this notification.

 Circular Copy attached for reference.

 Link: http://egazette.nic.in/WriteReadData/2021/224640.pdf

 

Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.

MCA Update on CSR _ Expense related to COVID-19 Awareness & Vaccination Qualify for CSR

MCA Update on CSR _ Expense related to COVID-19 Awareness & Vaccination Qualify for CSR

Ministry of Corporate affairs vide General Circular 01/2021 dated 13th January, 2021, has clarified that:

spending of CSR funds for Awareness and public outreach on COVID-19 Vaccination programme shall be Considered and qualify for CSR and is eligible under Item No. (i), (ii) and (xii) of Schedule VII of the Companies Act, 2013 relating to:

·         Promotion of Health Care

·         Including Preventive Health Care

·         Sanitization,

·         Promoting Education

·         Disaster Management

Subject to Fulfillment of Companies (CSR Policy) Rules, 2014 and Respective amendments / circulars issued from time to time.

Link of the Circular: http://www.mca.gov.in/Ministry/pdf/CSR2021_13012021.pdf

Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.

Liberalized MSME AEO Package for MSMEs by CBIC

Liberalized MSME AEO Package for MSMEs

Central Board of Indirect Taxes & Customs (CBIC) has taken a new initiative to introduce its flagship “Liberalised MSME AEO Package” for Micro Small and Medium Enterprises (MSMEs) while Recognising their critical contribution in supporting the economy especially during the present difficult times of COVID-19 pandemic. 

In order to attract MSMEs to become Authorised Economic Operators (AEOs) and avail the various benefits, the CBIC has :

1.      Relaxed the compliance criteria provided the MSMEs have a valid certificate from their line-Ministry.

 

2.      The relaxed requirements allow MSMEs who have filed minimum 10 Customs clearance documents in one year and who have a clean compliance record over 2 years to apply for the scheme.

 

3.    Additional benefits, like further reduction in Bank Guarantee requirements, have been introduced for MSMEs, and will be expanded subsequently.

The documentary requirements have also been appreciably simplified. Another feature is that the CBIC commits to take a decision on an application for grant of AEO status within only 15 days from electronic submission of complete documents for AEO Tier T1.

CBIC’s flagship “Liberalised MSME AEO Package” scheme is a voluntary compliance programme which enables swifter Customs clearance for accredited stakeholders in the global supply chain viz. importers, exporters, logistic service providers, custodians etc. The approved AEOs derive various benefits such as, inter alia, the facility of Direct Port Delivery (DPD) of imported containers, Direct Port Entry (DPE) of their Export Containers, high level of facilitation in customs clearance of their consignments thereby ensuring shorter cargo release time, exemption from Bank guarantees, priority for refund/ rebate/ duty Drawback, as well as a Client Relationship Manager at the customs port as a single point of interaction. Another important benefit available to specified AEOs is that their payment of Customs duty is deferred and need not to be paid before the clearance of the imported goods by Customs. An added advantage for Tier 2 AEOs is that their exports to certain countries are accorded facilitation by the foreign Customs administration with whom India enters into a Mutual Recognition Agreement/Arrangement.

Through “Liberalised MSME AEO Package”, CBIC encourages all eligible MSMEs to avail advantages of faster Customs clearances and other related benefits.

 

Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.

SEBI Quarterly Compliance: January, 2021

SEBI (LODR) Regulations – Quarterly Compliance Calendar - January, 2021 

 Quarter / Period: From October, 2020 to December, 2020                                                                      

Regulation reference	Timeline	When to Comply	Filing Mode
Regulation 31 (1) (b)- Shareholding Pattern	Within 21 days from the end of the quarter	By 21-January	BSE : BSE Listing Centre NSE: NEAPS
27(2)(a) – Corporate Governance Report	Within 15 days from the end of the quarter.	By 15-January	BSE : BSE Listing Centre NSE: NEAPS
Regulation 33 (3) (a) - Financial Results alongwith Limited review report/Auditor’s report	Within 45 days from the end of the quarter.	By 14-February	BSE : BSE Listing Centre NSE: NEAPS
Reconciliation of share capital audit report (Reg. 76 of SEBI D & P Reg)	Within 30 days from the end of the quarter.	By 30-January	BSE : BSE Listing Centre NSE: NEAPS
Regulation 13 (3) - Statement of Grievance Redressal Mechanism	Within 21 days from the end of the quarter.	By 21-January	BSE : BSE Listing Centre NSE: NEAPS
Regulation 32 (1) - Statement of deviation(s) or variation(s).	-	-	BSE : BSE Listing Centre NSE: NEAPS

Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.