Companies And LLPs May Need To Submit Form On Their COVID-19 Readiness

Published on 21 Mar 2020 by Shivi

The Ministry of Corporate Affairs (MCA) plans to soon come up with a simple web-based form for companies and limited liability partnerships (LLPs) to confirm their readiness to deal with the Covid-19 threat.

The webform — to be named CAR (Company Affirmation of Readiness towards Covid-19) — will have to be filed by the authorised signatory of companies and LLPs on March 23, according to Injeti Srinivas, Secretary, MCA.

Companies/LLPs will be required to report compliance using the CAR.

Since companies and LLPs are major employers, especially in urban areas, their cooperation and participation are essential to fully implement social distancing as a means to contain the spread, morbidity and mortality due to the disease, according to the MCA.

ALSO READ: Compliances Relating To Limited Liability Partnership (LLP)

All companies are “expected and strongly advised” to put in place an immediate plan to implement a work from home policy as a temporary measure till March 31, after which the position will be reviewed by the appropriate authorities per the evolving situation, the MCA said.

Already, the MCA has relaxed the rules for board meetings and dispensed with the necessity of holding physical meetings on matters relating to approval of financial statements, board report, restructuring etc up to June 30.

It is also now examining other relaxations under the Companies Act, 2013, which may be necessitated on account of Covid-19.

Source

Tags: General Legal 

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