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Ministry of Corporate Affairs has issued many amendment rules and circulars during the month of September 2020 for the ease of doing business. Though one thing always remains \u2013 chaos. In this brief post, we will discuss these ease and remaining chaos briefly.\u00a0\u00a0<\/span><\/p>\n Convertible Note \u2013 not a Deposit<\/span><\/strong><\/p>\n An amount of twenty-five lakh rupees or more received by a start-up company, by way of a convertible note convertible into equity shares or repayable within a period not exceeding\u00a0<\/span>ten years<\/strong>\u00a0from the date of issue in a single tranche is now an exempted deposit. Earlier the maximum tenure was five years. {The Companies (Acceptance of Deposits) Amendment Rules, 2020 dated 7th September 2020\u00a0<\/span>hosted here<\/span><\/a>}<\/span><\/p>\n Board Meeting with video conferencing or other audiovisual means<\/span><\/strong><\/p>\n Rule 4 of the Companies (Meetings of Board and its Powers) Rules, 2014 restricts Board of Directors to consider specific matters except through meeting where directors are physically present.\u00a0<\/span><\/p>\n The Companies (Meetings of Board and its Powers) Rules, 2014 eased this requirement till 30th June 2020. This relaxation is now available\u00a0<\/span>till 31st December 2020<\/span><\/strong>. {The Companies (Meetings of Board and its Powers) Third Amendment Rules, 2020 dated 28th September 2020\u00a0<\/span>hosted here<\/span><\/a>}<\/span><\/p>\n Independent Director Database<\/span><\/strong><\/p>\n A person who is an independent director in a company on the date of commencement of the Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2019, shall within a period of thirteen months from such commencement. This period will now complete on 31st December 2020<\/strong>. {The Companies (Appointment and Qualification of Directors) Fourth Amendment Rules, 2020 dated 28th September 2020\u00a0<\/span>hosted here<\/span><\/a>}<\/span><\/p>\n IEPF Forms<\/span><\/strong><\/p>\n General Circular 35\/2020 dated 29th September 2020 clarify that Form IEPF-1, IEPF-2, IEPF-3, IEPF-4, IEPF-7 and e-verification of Form IEPF-5 may be filed without Additional Fee till 31st December 2020 under authority General Circular 30\/2020 dated 28th September 2020.<\/span><\/p>\n