The Ministry of Corporate Affairs (‘MCA’), has on January 22, 2021, notified 14 sections of the Companies (Amendment) Act, 2020, as well as one section of the Companies (Amendment) Act, 2019 (collectively ‘CAA’). The key provisions notified under the CAA, include:

i.     amendment to the definition of a ‘listed company’ to exclude certain classes of companies. Please refer to our Client Alert dated February 22, 2021, in this regard, accessible here;

ii.   amendments to the corporate social responsibility obligations of companies. Please refer to our Client Alert dated March 23, 2021, in this regard, accessible here;

iii.   empowering the Central Government to require certain classes of unlisted companies to prepare and file periodical financial results with the Registrar of Companies. Please refer to our Client Alert dated October 8, 2020, in this regard, accessible here;

iv.   reduction of penalties applicable to one person companies, small companies, start-up companies and producer companies (or any of their officers in default or any other person in respect of such companies);

v.   exempting officers/employees from imprisonment for wrongful possession or withholding of a dwelling unit of a company in certain circumstances; and

vi.  introduction of a cure period of 30 days from the date of issue of notice by the adjudicating officer, for delayed filing of annual return or financial statements of a company.