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COVID-19 - Temporary Relaxations for Corporate Compliances

The global outbreak of coronavirus (COVID-19) is an unprecedented event that has led to lockdowns and unexpected restrictions on the public as well as the corporate sector across the world. In order to control its spread, the Government of India (GoI) has inter alia ordered all establishments, except organisations providing essential goods and services, to temporarily close their physical offices. Employees are working remotely, but due to difficulties faced in coordination and lack of office facilities, companies are likely to face difficulties in undertaking timely compliances of various applicable laws. Keeping in mind the aforesaid, the GoI has temporarily relaxed a number of compliance requirements for the corporate sector. We have analysed below some of the major relaxations from securities and companies law perspective.
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KARNATAKA-GOVERNMENT’S-LEGISLATIVE-ATTEMPT-TO-TACKLE-COVID-19-OUTBREAK

The Karnataka Government is reported to have notified the Karnataka Epidemic Diseases, COVID-19 Regulations, 2020 (“COVID Regulations”), on March 11, 2020, late evening, as an attempt to contain the outbreak and spread of coronavirus, COVID-19, which was incidentally declared as a ‘pandemic’ by the World Health Organisation the same day. Issued with immediate effect and for a period of 1 (one) year from its notification, the COVID Regulations empower the district administration to put in place containment measures and also ensure the public takes special measures to prevent the outbreak and spread of the potentially fatal disease, as fears around its ramifications have reached a feverish high worldwide.…

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