Heena Sharma Blog

Taking precautionary steps in the light of the Corona pandemic , the government has relaxed the requirement of holding board meetings with physical presence of directors for activities including approval of financial statements and the board’s report. The Corporate Affairs Ministry has issued a notification to allow companies to hold such board meetings through video conferencing till June 30. Companies will have to follow all requirements laid out under rules for holding board meetings via video conferencing such as recording of these proceedings, ensuring availability of proper equipment among others. Existing company rules do not allow certain matters to be dealt with in a meeting through video conferencing or other audio-visual means. These include, the approval of the prospectus, annual financial statements, Board’s report, matters relating to amalgamation, merger, demerger, acquisition and takeover and the Audit Committee Meetings for consideration of accounts. Read Mor

Non-graduate chartered accountants (CAs) with three years of experience can now become registered valuers, with the Ministry of Corporate Affairs amending the rules in this regard. Previously a CA having three years of post-qualification experience and qualified as a graduate was allowed to become a registered valuer. “Now, a chartered accountant is not required to be a graduate to become a registered valuer,” the Institute of Chartered Accountants of India (ICAI) said in a release. “It was informed to the Ministry of Corporate Affairs that the chartered accountancy course that has been approved by the government, allows a 10+2 student to enroll for chartered accountancy course. It does not mandate a student to be a graduate for enrolling in the course. Hence, a CA may or may not be a graduate,” the ICAI added. A registered valuer is required to carry out valuation of assets, net worth of a firm or its liabilities as required under the Companies Act, 2013. Read Mo