Cos can conduct board meetings through video conference, says govt amid coronavirus outbreak
The corporate affairs ministry has amended the Companies (Meetings of Board and its Powers) Rules.
The relaxation would be in place till June 30, according to a notification issued by the ministry.
The move comes at a time when travel curbs are in place and social distancing has been recommended in efforts to tackle the coronavirus pandemic, which has already taken four lives and more than 170 people have been infected in India.
As per the notification, board meetings may be held through video conferencing or other audio visual means.
Already, many companies have opted for meetings through video conference and asked their employees to work from home.
Prior to issuance of the notification, the ministry said that considering the need to take precautionary steps to overcome the coronavirus outbreak, it has "in-principle decided to relax the requirement of holding board meetings with physical presence of directors... for approval of the annual financial statements, board's report, among others".
A notice about the in-principle decision was earlier posted on the ministry's website. RAM ABMABM