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Corporate & RBI Update January 2021

Part I- Ministry of Corporate Affairs Update

A. Clarification on spending of CSR funds for Awareness and public outreach on COVID 19 Vaccination programme- reg.
The Ministry of Corporate Affairs (MCA) vide General Circular no. 01/2021 dated January 13,2021, has clarified that spending of CSR funds for carrying out awareness campaigns/programmes or public outreach campaigns on COVID19 Vaccination programme is an eligible CSR activities 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 and sanitization, promoting education, and disaster management respectively.
The companies may undertake the aforesaid activities subject to fulfilment of Companies (CSR Policy) Rules, 2014 and circulars related to CSR, issued by this ministry from time to time.
Notification Link
http://www.mca.gov.in/Ministry/pdf/CSR2021_13012021.pdf

B. Scheme for condonation of delay for companies restored on the Register of Companies between 01 December 2020 and 31 December 2020, under section 252 of the Companies Act
The MCA vide General Circular No.3/2021 dated January 15,2921, has introduced the “Scheme for condonation of delay for companies restored on the Register of Companies between 01 December 2020 and 31 December 2020, under section 252 of the Companies Act,2013” for the purpose of condoning the delay in filing forms with Registrar, insofar as it relates to charging of additional fees on account of delay in such fillings.

The details of the Scheme are as under: –
I. The Scheme shall come into effect from 01 February 2021.
II. Applicability: – The Scheme shall be applicable in respect to companies who preferred to file appeal under section 252 of the Act with the respective National Company Law Tribunals (NCLT) Bench for the restoration of the name of the company was disposed of between 01.12.2020 to 31.12.2020, with an order for restoration of the company.
III. Duration of the Scheme: – The last date for filling of any overdue e-forms by such companies under the scheme shall 31.03.2021.
IV. Forms for which the Scheme shall be applicable: – The Scheme shall be applicable in respect of filing of all e-forms [except where any increase in authorized capital is involved (e-form SH-7) and charges related documents (e-forms CHG-1, CHG-4. CHG-8 and CHG-9)] which are required to be filed with the Registrar.
V. Applicable fees: – Every company shall be required to pay normal filing fees under the Companies (Registration Office and Fees) Rules, 2014 on the date of filing and no additional fees shall be payable for the forms for which the scheme is applicable.
Notification Link
http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo.3_15012021.pdf