COVID-19 updates: Compliance for conducting virtual board meetings
March 27, 2020
With the COVID-19 pandemic slowing down businesses across the world, governments have decided to ease the burdens attached to corporate governance practices which are to be undertaken by companies in an effort to facilitate and encourage measures which may act as deterrents towards the spreading of the virus like social distancing. In an effort to effectively equip the companies to address the current situation the Ministry of Corporate Affairs, Government of India (“MCA”) has vide a circular relaxed its requirement for holding board meetings in the physical presence of directors for any matters such as the approval of annual financial statements, the approval of the Board’s report, the approval of the prospectus, the Audit Committee Meetings for consideration of accounts, the approval of the matter relating to amalgamation, merger, demerger, acquisition and takeover, as is required under Section 173(2) of the Companies Act, 2013 (“Act”) r/w Rule 4 of the Companies (Meetings of Board and its Powers) Rules, 2014 (“Rules”).
The Bar Council of India does not permit solicitation of work and advertising by legal practitioners and advocates. By accessing the Shardul Amarchand Mangaldas & Co. website (our website), the user acknowledges that:
The user wishes to gain more information about us for his/her information and use. He/She also acknowledges that there has been no attempt by us to advertise or solicit work.
Any information obtained or downloaded by the user from our website does not lead to the creation of the client – attorney relationship between the Firm and the user.
None of the information contained in our website amounts to any form of legal opinion or legal advice.
All information contained in our website is the intellectual property of the Firm.