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In order to support and help the Companies and Limited Liability Partnerships in India to focus on taking measures to address the COVID-19 threat and revive themselves from economic disruptions caused by it, the Ministry of Corporate Affairs (MCA) has taken some measures by reducing certain compliances under the Companies Act, 2013 on the Corporates. The details of the reliefs provided by MCA are explained as under:
The aforesaid order is applicable on the private limited companies having a paid up capital and reserves and surplus not more than INR One Crore (INR 10 Million) as on the balance sheet date and which does not have total borrowings exceeding INR One Crore (INR 10 Million) from any bank or financial institution at any point of time during the financial year.
Requirement of having at least one director in a company qualifying as resident in India as per section 149(3) of the Companies Act, 2013 has been waived off for the financial year 2019-2020. It means in case any company fails to have at least one resident director on its Board of directors during the financial year 2019-2020 then the same shall not be treated as non-compliance.