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ELP-Corporate-Update-Relaxation-on-holding-physical-board-meetings-for-certain-mandatory-matters-till-June-30-2021

MCA has extended the relaxations to deal with following matters through VC or OAVM, in accordance with Rule 3 of the Companies<br>(Meeting of Board and its Powers) Rules, 2014, from December 31, 2020 till June 30, 2021:<br>u25aa approval of the annual financial statements;<br>u25aa approval of the Board's report;<br>u25aa approval of the prospectus;<br>u25aa audit committee meetings for consideration of financial statement including consolidated financial statement, if any, to be<br>approved by the Board under section 134(1) of the Companies Act, 2013;<br>u25aa approval of the matter relating to amalgamation, merger, demerger, acquisition and takeover.<br><br>

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ELP-Corporate-Update-Relaxation-on-holding-physical-board-meetings-for-certain-mandatory-matters-till-June-30-2021

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  1. Relaxation on holding physical board meetings for certain mandatory matters till June 30, 2021 | New SH-7 | Extension of reservation of names in certain cases January 04, 2021 MCA has extended the relaxations to deal with following matters through VC or OAVM, in accordance with Rule 3 of the Companies (Meeting of Board and its Powers) Rules, 2014, from December 31, 2020 till June 30, 2021: ▪ ▪ ▪ ▪ approval of the annual financial statements; approval of the Board's report; approval of the prospectus; audit committee meetings for consideration of financial statement including consolidated financial statement, if any, to be approved by the Board under section 134(1) of the Companies Act, 2013; approval of the matter relating to amalgamation, merger, demerger, acquisition and takeover. ▪ Relaxation has been given vide the Companies (Meetings of Board and its Powers) Forth Amendment Rules, 2020 dated December 30, 2020 (available here). Additionally, following changes have been notified: ▪ Alteration of Share Capital – New form notified MCA has notified revised Form No. SH-7 which pertains to the notice to the Registrar of any alteration of share capital. This has been notified vide the Companies (Share Capital and Debentures) Second Amendment Rules, 2020 dated December 24, 2020 (available here). Extension of reservation of name in certain cases MCA has inserted new Rule 9A for the extension of reservation of name in certain cases. Under this rule, ROC has been empowered to extend the period of a name reserved under rule 9 by using web service SPICe+ upto 60 days on payment of fees. ▪ This has been notified vide the Companies (Incorporation) Third Amendment Rules, 2020 dated December 24, 2020 (available here) We trust you will find this an interesting read. For any queries or comments on this update, please feel free to contact us at insights@elp-in.com Disclaimer: The information provided in this update is intended for informational purposes only and does not constitute legal opinion or advice. Readers are requested to seek formal legal advice prior to acting upon any of the information provided herein. This update is not intended to address the circumstances of any particular individual or corporate body. There can be no assurance that the judicial/quasi-judicial authorities may not take a position contrary to the views mentioned herein. MUMBAI | NEW DELHI | BENGALURU | AHMEDABAD | PUNE | CHENNAI Email: Insights@elp-in.com © Economic Laws Practice 2021

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