IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2020
An application received on and from 28th March 2020 and ending on the 30th September 2020, if the authorization for assignment is not issued, renewed or rejected by the Agency within thirty days of the date of receipt of application, the authorization shall be deemed issued or renewed, as the case may be, by the Agency.
Government of Punjab increases the working hours in factories
The Department of labour, Punjab vide its notification dated 20th April 2020 has relaxed certain provisions of factories Act 1948 by extending the working hours for optimum utilization of labor in the factories.
CBIC extends the relaxation to submit bond to accept undertaking
The Central Board of Indirect Taxes and Customs vide Circular dated 03.04.2020 has given relaxation till 30. 04. 2020 to the requirement to submit bond during customs clearance for accepting undertaking. The relaxation is now extended vide circular dated 21. 04. 2020. Undertaking shall be accepted without bond till 15.05.2020. The date for submission of […]
Government of India enacts The Epidemic Diseases (Amendment) Ordinance, 2020 due to COVID 19
The Ordinance states that any person who harms any healthcare service personnel/property while on duty may suffer imprisonment or fine or both. In case of damage to property compensation payable shall be twice amount of fair market value. The Ordinance is applicable all over India.
Ministry of Home Affairs permits shops selling non-essential goods to open during lockdown
The Ministry of Home Affairs in its order dated 24th April 2020 has revised the lockdown guidelines by allowing registered shops and establishments to remain open subject to specific conditions.
Period of lockdown has been excluded from liquidation time frame
Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2020, state that the period of lockdown imposed by the Central Government in the wake of Covid-19 outbreak shall not be counted for the purposes of computation of the timeline for any task that could not be completed due to such lockdown, in relation to any liquidation process.
Lockdown period excluded from timeline for corporate insolvency resolution process
IBBI has inserted regulation 40C in nsolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations which excludes the ongoing national lockdown period from the time frame specified in the regulation for completing various activities that could not be completed due to such lockdown, in relation to a corporate insolvency resolution process.
MCA has extended the time period for Reservation / Re-submission of names for Companies & LLPs
The Ministry of Corporate Affairs on 23rd April 2020, has relaxed the rules for Re-Submission of forms and has extended the period/days for filing of Names for companies.
CBIC defers implementation of electronic sealing to 1st July 2020
Central Board of Indirect Taxes & Customs in its Circular dated 21st April 2020 has further deferred the implementation of Electronic sealing in case of deposits in, and removal of, goods from Customs Bonded Warehouse till 1st July 2020.
SEBI extends the regulatory compliance timeline for depository and depository participants
The Securities and Exchange Board of India vide its circular dated 24th April 2020 has extended the timelines for complying with regulatory requirements by the depositories and depository participants due to COVID-19 pandemic.
