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MCA waived off the requirement for directors to be in India for 182 days or more during FY 2020-21

ADMIN by ADMIN
October 23, 2020
in Business & Other News
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MCA extends due date for uploading Annual return and Financial statement
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Ministry of corporate affairs has vide circular no. 36/2020 dt. 20.10.2020 waived off the requirement under section 149 of the Companies act, 2013 for FY 2020-21 wherein atleast one director is required to stay in India for atleast 182 days in a year.

The above requirement is mentioned under section 149(3) of the Companies Act, 2013 which is as under:

“Every company shall have at least one director who stays in India for a total period of not less than one hundred and eighty-two days during the financial year:

Provided that in case of a newly incorporated company the requirement under this sub-section shall apply proportionately at the end of the financial year in which it is incorporated.”

Further the above relaxation is in continuation of relaxation provided by circular 11/2020 of the Companies Act, 2013 wherein same relaxation was provided for FY 2019-20.

Thus, now even if one director of a company doesn’t stay in India for 182 days or more same won’t be considered as a non compliance.

Full circular is as under:

To download the circular CLICK HERE.

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