Financial Reporting Closure 2020-21: Important changes announced by the MCA
The Companies Act, 2013 (Act) and the rules made thereunder are probably the most comprehensive corporate law regulation announced in India. Since its inception in 2014, the Act has undergone numerous amendments. These amendments have been announced with an intent to enable the government to provide ease of doing business in India while ensuring a balance in protecting stakeholder interests and needs. The financial year 2020-21 saw the Ministry of Corporate Affairs (MCA) notify the Companies Amendment Act, 2020 (Amendment Act) in the official gazette on 28 September 2020. The Amendment Act is based on suggestions and recommendations made in the November 2019 Report of the MCA’s Company Law Committee (CLC).
Apart from the notification of the Amendment Act, crucial amendments to corporate laws have been notified by MCA in the period 2020-21. This article serves as a compliance refresher for all amendments and changes that were announced by the MCA in the period 2020-21.
The article provides a summary of:
MCA amendments are just one half of the corporate law amendment pie, the other half being updates and amendments pronounced by the Securities and Exchanges Board of India (SEBI). In the second part of this publication, we shall bring to you updates and amendments pronounced by SEBI for the period 2020-21.