MCA deletes Rule Restricting Approval of Financial Statements, Board’s Report, via VC Meetings

Ministry of Corporate Affairs amends Companies (Meetings of Board and its Powers) Rules, 2014, and omits Rule 4 which lays down the list of matters that shall not be dealt with in any meeting held through video conferencing or other audio visual means.

The restricted matters inter alia included the approval of – annual financial statements, Board’s report, the prospectus and matter relating to amalgamation, merger, demerger, acquisition and takeover. Now these matters can be approved in a meeting held through video conferencing or other audio visual means.