India sees 91% on year surge in incorporation of new companies during April-June 2021

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The number of new companies incorporated in India rose to 36,191 from April 2021 to June 2021 as compared to 18,968 number of new companies in the corresponding period of last year despite the second wave of Covid-19 pandemic.

The information was stated by Minister of State for the Ministry of Corporate Affairs Rao Inderjit Singh in a written reply to a question in the Lok Sabha.

The Minister said the government has taken several steps to help the companies during this pandemic situation. Following are some of the relaxations the government has provided.

Keeping in view the second Covid-19 wave and considering the difficulties arisen due to resurgence of the pandemic, the Ministry has granted relaxation on levy of additional fees for companies / LLPs in filing certain forms.

The companies have been allowed to hold Extraordinary General Meetings (EGMs) through Video Conferencing (VC) or other audio-visual means (OAVM) complemented with e-Voting facility/simplified voting through registered emails till June 30, 2021.

They have also been allowed to conduct their Annual General Meetings (AGMs) by Video Conferencing (VC) or other audio-visual means (OAVM) whose AGMs were due to be held in the year 2020 or become due in the year 2021 to conduct on or before December 31, 2021.

The Companies (Indian Accounting Standards) Rules, 2015 have been amended to extend the benefits of Covid-19 related rent concession, that were introduced last year, from June 30, 2021 to June 30, 2022.

Non-compliance of minimum residency in India for a period of at least 182 days by at least one director of every company shall not be treated as a non-compliance for the financial year 2019-20 and 2020-21.