SEBI EASES COMPLIANCE NORMS FOR SHAREHOLDING DISCLOSURES DUE TO CORONAVIRUS

 BY SUSHMA GOWDA

INTRODUCTION

In India on January 30 first case of COVID19 in Kerala came on the light after that on February 3rd all students returned from Wuhan China. No other case were witnessed on February but on March 4, 22 new cases came to light.

COVID19 is the pandemic which is spread across the world. Many of the people state it as China virus because it is came from china.

People who caught with Corona either died from it because of no antidot invented and because of low immunity system, some get cured with medicines of malaria. But it rare chances of getting cured who are having history of Breathing problem like asthama or any other diseases.      

On 12 march, a 76-year-old man who had returned from Saudi Arabia Became the first victim of the virus in country.

On 12 January 2020, the world health organization(WHO) confirmed that a novel Coronavirus was the cause of a respiratory illness in a cluster of people in Wuhan city.

As per today’s Report in India 11-04-2020

WORLDWIDE REPORT REGARDING COVID19 CASES

Because of COVID19 many work got stopped in almost all the industry, only 50% of the work is turned into work from home. Because of such pandemics great loss has been faced by the countries.

Because of such crisis many due dates, filling date got extended by the government including Form filing compliances by the ministry of corporate affairs, Expiry dates of loans/vehicles etc.. and even compliances of SEBI cases too.

shareholders can disclose information of their consolidated shareholding as on March 31, 2020, to the company and the stock exchanges till June 1, the Securities and Exchange Board of India (Sebi) said in a circular.

These disclosures were required to be made by April 15. The SAST (Substantial Acquisition of Shares and Takeovers) Regulations, require the shareholders to compile, collate, and disseminate information of their consolidated shareholding as on March 31, 2020, to the company and the stock exchanges within seven working days from the end of the financial year.

But because of coronavirus development in the countries it has become necessary to extend the date as specified by the SAST (Substantial Acquisition of Shares and Takeovers) Regulations for the financial year ending march 31, 2020 to June 1, 2020. This is the temproray relaxation has been given by the government to the company to comply the acts, rules, regulation made there under the prescribed act.

As per the Government India statement

Government of India is taking all necessary steps to ensure that we are prepared well to face the challenge and threat posed by the growing pandemic of COVID-19 the Corona Virus. With active support of the people of India, we have been able to contain the spread of the Virus in our country. The most important factor in preventing the spread of the Virus locally is to empower the citizens with the right information and taking precautions as per the advisories being issued by Ministry of Health & Family Welfare.