The MCA on 30th March 2020 launched a compliance relaxation scheme namely, Companies Fresh Start Scheme, 2020. The Scheme was formulated to provide opportunities to companies to make good of any filing default, and make a fresh start as a fully legally compliant entity. The crux of Schemes is to provide a one-time waiver towards payment of additional filing fees by companies with the Registrar of Companies during the term of the Scheme, i.e.: from 1 st April 2020 to 30th September 2020.
Since Sep 30, 2020 is the last of the scheme and there has been no communication from the MCA on further extension of the last date of the scheme therefore. It is in best interest of the companies to take start afresh by clearing of all non-compliances by availing the CFSS, 2020.
Deadline approaches for availing benefits under LLP Settlement Scheme 2020
In order to reduce the compliance burden of LLPs during the Covid-19 pandemic, the Ministry of Corporate Affairs had issued the LLP Settlement Scheme, 2020 on March 04, 2020 providing one time opportunity to LLPs to make good non-compliances. Under the Scheme, LLPs can file specified forms without any additional fees in respect of the non-compliances in filing the statutory documents to RoC
Since Sep 30, 2020 is the last of the scheme and there has been no communication from the MCA on further extension of the last date of the scheme. Therefore, it is in the best interest of LLPs to start afresh by clearing of all non-compliances by availing the benefits under the LLP Settlement Scheme, 2020.
CBIC assures no interest recoveries on gross liability for the period prior to Sep 1, 2020
Putting an end to rising number of comments regarding prospective amendment to Section 50 of the CGST Act, CBIC has given assurance that no recoveries of interest shall be made on gross output tax liability for the period prior to 01-09-2020 by the State and Central Tax administration. The clarification is in line with the decision taken in 39th GST Council meeting ensuring full relief to taxpayers.
Partial Credit Guarantee Scheme 2.0 extended with greater flexibility to respond to emerging demands: MoF
As part of Aatmanirbhar Bharat Abhiyan, announced by the Government, Partial Credit Guarantee Scheme (PCGS) 2.0 was launched on 20.05.2020 to provide Portfolio Guarantee for purchase of Bonds or Commercial Papers (CPs) with a rating of AA and below issued by NBFCs/HFCs/ MFIs by Public Sector Banks (PSBs). It was envisaged to purchase Bonds/ CPs of Rs. 45,000 crore under PCGS 2.0 of which the maximum headroom permissible for purchase of Bonds/ CPs rated AA/AA- was 25% of the total portfolio i.e. Rs. 11,250 crore. it has now been provide with greater flexibility to respond to emerging demands.
IBBI issues guidelines for appointment of insolvency professional as administrators
IBBI has issued guidelines for Appointment of Insolvency Professionals (IP) as Administrators under the Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018. As per the guidelines, The IBBI shall prepare a Panel of IPs keeping in view the requirements of SEBI and the Regulations and the SEBI shall appoint the IPs from the Panel as Administrators, as per its requirement in accordance with the Regulations.
GoI issues guidelines on prevention of misleading and due diligence for endorsement of advertisements
Under the Consumer Protection Act, 2019 (Act 35 of 2019), the Central Consumer Protection Authority (CCPA) is empowered to issue necessary guidelines to prevent unfair trade practices and protect consumers’ interest. Accordingly, draft guidelines for prevention of misleading advertisements and necessary due diligence for endorsement of advertisements are proposed to be notified by the CCPA for public comments.