- Ministry of Corporate Affairs(MCA) vide its notification has further relaxed the requirement of holding Board Meetings with physical presence of directors under section 173(2) read with rule 4 of Companies (Meetings of Board & its Powers) Rules, 2014 from 30th June, 2020 to 30th September, 2020.
- As per Rule 4 of Companies (Meetings of Board & its Powers) Rules, 2014, the following matters cannot be dealt with in a meeting through Video Conferencing (VC) or Other Audio-Visual Means (OAVM):
- Approval of Annual Financial Statements
- Approval of Board’s Report
- Approval of Prospectus
- Audit Committee Meetings for consideration of Financial Statements
- The approval of matters relating to amalgamation, merger, de-merger, acquisition, takeover
However, in view of COVID-19, MCA has provided relaxation with respect to above requirement by providing that the above matters can be dealt with in a meeting through VC or OAVM till 30th September 2020.