MCA extends minimum residency criteria relaxations for directors for F.Y. 2020-21 amid COVID-19 outbreak

Keeping in view of the requests from various stakeholders seeking relaxation from residency requirement of 182 days in a year and after due examination, The MCA has clarified that non-compliance of minimum residency in India for a period of at least 182 days in a year, by at least one director in every company, under section 149 of the Companies Act, 2013 shall not treated as non-compliance for the financial year 2020-2021.

Source: https://companylaw.taxmann.com/topstories/104010000000068761/mca-extends-minimum-residency-criteria-relaxations-for-directors-for-f-y-2020-21-amid-covid-19-outbreak-cirnot.aspx?utm_source=Twitter&utm_medium=Twitter_post&utm_campaign=CompanyLaw