Relaxation of Time Gap between Board and Audit Committee Meetings

By its Circular dated March 19, 2020, SEBI had relaxed the requirement of maximum time period of 120 days between two board meetings or two audit committee meetings of listed entities for the period between December 1, 2019 and June 30, 2020. By a Circular dated June 26, 2020, SEBI has now extended the above time period till July 31, 2020. However, the requirement to have at least four meetings in a year will continue. MCA had earlier by its Circular dated March 24, 2020 extended the requirement for mandatorily holding a board meeting within the intervals of 120 days as required under the Companies Act by 60 days until September 30, 2020, giving companies a one time relaxation of a gap of 180 days between two consecutive board meetings.

Published In:Inter Alia - Quarterly Edition - June 2020 [ English
Date: June 30, 2020