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COVID- 19 Companies Act Update

Covid19 Companies Act Update

CSR Coverage:

CSR Inclusions:

  • Contribution made to ‘PM CARES Fund’.
  • Contribution to State Disaster Management Authority.
  • Spending of funds for COVID – 19 related activities such as promotion of health care including preventive health care and sanitation, and disaster management.
  • Ex-gratia payment to temporary / casual / daily wage workers over and above disbursement of
    wages specifically for the purpose of fighting COVID – 19 subject to declaration from board, which is duly certified by statutory auditor.

CSR Exclusions:

  • Contribution to ‘Chief Minister’s Relief Funds’ or ‘State Relief Funds’ for COVID – 19.
  • Payment of salary / wages to employees and workers, including contract labours during lockdown period.
  • Payment of wages to casual / daily wage workers during lockdown period.

Manner of Passing Resolutions:

Companies which are required to provide voting facility:

  • A statement that EGM has been convened as per General Circular 14/2020 dated 8th April, 2020.
  • Notice to members can be given only through registered email with company or depository participant. Date and time of EGM.
  • Availability of notice on website of company as well as stock exchange.
  • Manner of registration of email address for the members whose email addresses are not registered with the company.
  • Manner of casting e-vote for the members who holds shares in physical form or who have not registered email addresses with the company.

 

Companies which are not required to provide voting facility:

  • A statement that EGM has been convened as per General Circular 14/2020 dated 8th April, 2020.
  • Notice to members can be given only through registered email with company or depository participant.
  • Availability of notice on website of company as well as stock exchange.
  • Company shall communicate to members by telephone or other means whose email is not registered.
  • Where any contact details of the members is not available with the company, the company shall publish notice in newspaper with principal vernacular language as well as English newspaper with having electronic editions.

 

COVID- 19 Companies Act Update – Download in pdf format