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Corporate Affairs Ministry issues advisory against COVID-19

By IndianMandarins- 27 Mar 2020
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The deadly novel coronavirus (COVID-19) spread across over 110 countries is also causing severe economic disruptions. The corporate sector has a key role  to play in implementing strategic policy decision of social distancing. Some decision has already been taken to ease out the problem.

Union Ministry of Corporate Affairs has relaxed rules with respect to meetings of board of directors and dispensed with the necessity of holding physical meetings on matters relating to approval of financial statements, board report, restructuring etc. up to June 30, 2020.

Since Pvt Ltd Companies/ Limited Liability Partnerships are major employers, especially in urban areas, their full participation and cooperation is most essential to fully realize the object of social distancing, morbidity and mortality due to Covid-19.

All companies / LLPs are expected and strongly advised to put in place an immediate plan to implement the “Work from home” policy as a temporary measure till March 31, 2020, after which the position will be reviewed by the appropriate authorities as per the evolving situation.

Companies are advised to implement this policy in their headquarters and field offices to the maximum extent possible, including conduct of meetings through video conference or other electronic/ telephonic/ computerized means. Further, even for the essential staff on duty, staggered timings may be followed so as to minimize physical interaction.

In order to generate greater awareness and confidence on the nation’s state of readiness, the Ministry of Corporate Affairs is in the process of developing and deploying a simple web form for companies/ LLPs to confirm their readiness to deal with the COVID-19 threat. The web form is named as CAR (Company Affirmation of Readiness towards COVID-19).

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