17/06/2021
MCA UPDATES
Ministry of Corporate Affairs (“MCA”) has, vide its Notification dated June 15, 2021, notified the amendment in Companies (Meetings of Board and its Powers) Rules, 2014.
The said amendment has been notified to delete the provision related to restriction of conducting Board Meeting through Video Conferencing/Other Audio-Visual Means for selected agenda items.
Following agenda items that were to be discussed and approved in physical Board meetings before the above amendment:
1. The approval of the annual financial statements;
2. The approval of the Board’s report
3. The approval of the prospectus;
4. The Audit Committee Meetings for consideration of financial statement including consolidated financial statement, if any, to be approved by the Board under sub-section (1) of section 134 of the Act;
5. The approval of the matter relating to amalgamation, merger, demerger, acquisition and takeover.
To curb the difficulties for corporates to conduct Board meetings during an outbreak of the Covid pandemic, MCA had granted relaxation from the above restriction in a phased manner up to June 30, 2021. Now the said restriction is permanently deleted.
