If a company seeking listing of its ordinary shares for public issue has issued any equity shares with superior voting rights to its promoters / founders; as per the Securities Contracts (Regulation) (Amendment) Rules, 2020 the company should mandatorily list its equity shares having superior voting rights at the same recognized stock exchange along with the ordinary shares which are being offered to the public.

However the minimum offer and allotment requirements of the Regulations shall not apply to such shares with superior voting rights which have been listed on the Stock Exchange for offering its ordinary shares to the public.

Late filing of Forms under IBC, will attract additional fee of Rs. 500 per month of delay from 01.10.2020. Earlier the date of implementation was 01.04.2020

The Central Government has increased the threshold limit of default of Corporate Persons to Rs 1 crore from the existing Rs. 1 Lakh under IBC. This is a relief to several companies which would have otherwise become insolvent during these tough times.

IBC (Amendment) Act, 2020 w.e.f. 13.03.2020, has ushered in a few important changes that are summarised in a comparative table format by Ms. Sumana Rao, PCS and Insolvency Professional. The Provisions are made effective from 28.12.2019. Click on the attached article for details.

During the 21 days lockdown declared by the Central Government w.e.f. 25.03.2020, time line for various activities in the CIRP like conducting meetings of Committee of Creditors, submission of Resolution Plan etc. has been relaxed by excluding the 21 days lockdown period.

Central Government has constituted another bench of National Company Law Appellate Tribunal [NCLAT] at Chennai to hear appeals against the orders of NCLT benches at Karnataka, Tamil Nadu, Kerala, Andhra Pradesh, Telangana, Lakshadweep and Puducherry w.e.f. 18.03.2020.

Central Government notifies “Special Window for Affordable and Middle-Income Housing Investment Fund I”, a Government sponsored Alternate Investment Fund for providing priority debt financing for stalled housing projects. This qualifies as “interim finance” under Section 5(2) of IBC.

The amendments made to the Indian Stamp Act, 1899 through the Indian Stamp (Collection of Stamp-Duty through Stock Exchanges, Clearing Corporations and Depositories) (Amendment) Rules, 2020 were effective from 01.04.2020. However the effective date now stands as 01.07.2020 as per notification dated 30.03.2020. For details of the changes in the stamp duty effected, please refer to our update in Samhita 229th issue of Feb-2020

Where a Resolution Professional (RP)/ Interim Resolution Professional (IRP) is appointed under the IBC, 2016, they shall be treated as distinct person of the corporate debtor and shall be liable to take new GST registration, within 30 days in all the States and Union Territories where the corporate debtor was registered earlier.

In cases where the IRP/RP has been appointed prior to the date of this notification, he shall take registration within 30 days from the commencement of this notification.

Persons receiving service from IRP/ RP are eligible for claiming input tax credit by quoting the erstwhile GSTIN (corporate debtor GSTN) subject to conditions. Any amount deposited by the IRP / RP into the cash ledger will be to the credit of the erstwhile registration.

If return in Form No. GSTR-3B has been furnished instead of GST-CMP-08 for FY 2019-20, taxpayers shall not be required to furnish the statement of outward supply of goods or services or both in FORM GSTR-1 or the statement containing the details of payment of self-assessed tax in FORM GST CMP-08 for all the tax periods in the financial year 2019-20.

E-Invoice implementation date has been postponed to 01.10.2020 from 01.04.2020 for companies whose turnover exceeds Rs. 100 crores. As per the notification, a certain class of registered persons (insurance company, banking company, financial institution, non-banking financial institution, GTA, passenger transportation service etc.) shall be exempted from issuing e-invoices or capturing dynamic QR code.

Following are the extended due dates and relaxations under GST Act as announced by the Honourable Finance minister of India:

• March, April and May 2020 month GST returns & composition returns filing date extended up-to 30^thJune 2020.
• Companies with less than 5 Crore Turnover no interest, late fees or penalty.
• Other companies more than 5 Crore turnover, no Late fee and penalty, only interest at reduced rate of 9%
• Date for opting composition scheme extended to 30^th June 2020.

The Honourable Finance Minister Ms. Nirmala Sitharaman announced certain relaxations and extension of due dates. Highlights of the same are below:

1. For FY 2018-19
1. Last date for filing ITR extended till 30^th June 2020
2. Interest reduced from 12% to 9% for all tax payments made till 30^{th June}
3. Reduced interest 9% for delayed deposit of TDS till 30^th June

2. Extension of due dates:
1. for all notices, orders, appeals, applications, reports, any other document by taxpayers extended upto 30^th June, 2020
2. All investments / Saving instruments for rebates can be made by 30^th June 2020.
3. Date for linking Aadhaar – PAN extended to 30.06.2020

3. Vivad Se Vishwas Scheme extended up-to 30.06.2020, No additional charge of 10% up-to 30^th June 2020, earlier disputed tax has to be deposit by 31^st March without additional charge of 10%.