- The decisions allowed to be taken virtually include approving financial statements, report of the board of directors, prospectus and clearing proposals of M&A and takeovers
- Govt gave time to directors on the board to get empanelled in a database kept by the Indian Institute of Corporate Affairs
NEW DELHI: The government has extended by three months the relaxation in rules for companies to take key decisions, such as adopting financial statements and clearing mergers and acquisitions (M&A), through video conference.
In a notification issued on Tuesday, the corporate affairs ministry extended the relief which was earlier offered till the end of June. These include approving financial statements, report of the board of directors, prospectus and clearing proposals of mergers, de-mergers and takeovers. Also, the audit committee can clear the financial statements by video conference.
In normal course, Companies Act bars audio-visual means for taking these important decisions.
In a separate notification, the ministry has also given more time for directors on the board of companies to get empanelled in a database kept by the Indian Institute of Corporate Affairs (IICA) located at Manesar. Directors now have time till 22 August.
Source: livemint
