ARTICLE · 18 JUNE 2020

Vistra India Update 395

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March 1st 2020 to March 15th 2020

IndiaCorporate/Commercial Law

COMPANY LAW

1. Clarification on Prosecution filed against Independent Directors, Non- Promoters, Non KMP/Non executive directors

Ministry of Corporate Affairs (MCA) has clarified that the prosecution proceedings will not be initiated against independent and non-executive directors unless there is strong evidence of their complicity in frauds committed by the companies. The circular further clarifies that the in case of any doubt on the liability of any person, guidance may be sought from MCA and consequently, any such proceedings may be initiated after getting due approval from the Ministry.

Click to view the circular

2. Extension of date for filing NFRA-2

Ministry of Corporate Affairs (MCA) has extended the time limit for filing form NFRA-2 for the reporting FY 2018-19 to 150 days from the date of deployment of the form.

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