Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

MCA allows Cos. to conduct AGM via video conferencing or audio visual means during calendar year 2020

Due to COVID-19 pandemic outbreak, the Ministry of Corporate Affairs (MCA) has allowed the companies to hold their Annual General Meeting by Video Conferencing or other means during the year 2020. Earlier, it allowed the companies whose financial year ended on December 31, 2019 to hold AGM by September 30, 2020.

In addition to that, the Companies are not in a position to send physical copies of the financial statement, therefore, the relaxation allows the companies to send their financial statements along with board report, auditor report, and other documents required to be attached, only through e-mails.

The companies are also providing a window to the stakeholders for registering their mandate for transferring dividends electronically to them through electronic clearing services or any other means.

It is pertinent to note that on the part of the companies that they shall ensure that all other compliances associated with the provisions relating to general meetings such as taking of disclosures, inspection of related documents/registers by members, or authorizations for voting by bodies corporate, etc as provided in the Act and the articles of association of the company are made through electronic mode.

General Circular No, 20/2020, dated 05.06.2020

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