Companies (Meetings of Board and its Powers) Amendment Rules, 2021

The Notification issued by MCA on Companies (Meetings of Board and its Powers) Amendment Rules, 2021:

1

Circular date

15.06.2021

2

Subject

Omission of Rule 4 from Companies (Meetings of Board and its Powers) Amendment Rules, 2021

3

Effective date

They shall come into force on the date of their publication in the Official Gazette.

4

Applicability

All Companies

5

Brief description

Considering the existing situation of Pandemic pursuant to which major business is being conducted through online meetings, The Ministry of Corporate Affairs (“MCA”) vide a notification dated 15.06.2021 (“aforesaid notification”) has issued a publication for omission of rule 4 from  Companies (Meetings of Board and its Powers) Amendment Rules, 2021 which barred below matters stated in Rule 4 from being dealt with in a meeting held through Video Conference (VC) or Other Audio Visual Means (OAVM).

Rule 4. Matters not to be dealt with in a meeting through video conferencing (VC) or other audio visual means (OAVM).-

(1) The following matters shall not be dealt with in any meeting held through video conferencing or other audio visual means.-

(i) the approval of the annual financial statements;

(ii) the approval of the Board’s report;

(iii) the approval of the prospectus;

(iv) the Audit Committee Meetings for consideration of accounts; and

(v) the approval of the matter relating to amalgamation, merger, demerger, acquisition and takeover.