October 22, 2020
Summary of the circular issued by MCA on 20/10/2020
MCA dispenses with the requirements towards minimum residency of Directors of a Company for FY 2020-21
Further to its earlier circular dated March 24, 2020 pertaining to financial year 2019-20, MCA has now dispensed with the requirement of at least one Director of every Company requiring minimum residency of at least 182 days in India during a financial year pursuant to section 149 for 2020-21 as well.
Consequently, now failure to maintain residency for both financial years 2019-20 & 2020-21 shall not be treated as a non-compliance.
This circular is integrated in our free to use website www.ca2013.com for your easy reference.