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The issues are examined considering the overall situation of the present situation. As a result, the (MCA) Ministry of Corporate Affairs has issued the Circular No.14/ 2020 dated 8th Apr 2020 that provides the clarifications in relation to the passing of Ordinary Resolution and Special Resolution by companies under the Companies Act, 2013 rules. The Ministry has come up with the relaxations for the provisions under the Companies Act 2013 to allow respective companies to pass ordinary and special resolutions regarding the urgent matters in lieu of the difficulties faced by the stakeholders due to amid COVID-19 outbreak.
With the circular, MCA has encouraged all the companies to take necessary decisions of urgent nature which require the approval of members, other than items of ordinary business. The companies required the mechanism of e-voting in accordance with the provisions of the Companies Act, 2013 without holding a general meeting, as it required a physical presence of members at a common venue. The circular also provides the procedure which shall be followed up by the companies in case holding of an extraordinary general meeting (EGM) which in the case is unavoidable. It shall be further noted that such a procedure needs to be adopted by the company for conducting an extraordinary general meeting (EGM) on or before 30th June 2020.
Also, Read: Impact on Start-ups Business amidst Coronavirus (COVID- 19).
It is important to note further that the companies have to ensure all other compliances associated with the provisions relating to general meetings viz. making disclosures, authorization for voting by bodies corporate or inspection of related documents by members etc. as mentioned under the Companies Act, 2013 and the Articles of Associations of the company are made via electronic mode.
Moreover, the current nationwide lockdown scenario and threat posed by COVID-19, the compliance relaxations provided by the circular will definitely ease the difficulties faced by the companies for the passing of an ordinary and special resolution of urgent nature.
Read, More: SEBI’s Relaxation to Listed Companies for filing Financials amid Covid-19 and other measures taken by Regulators.
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