India: Local government brings relief to director residency requirement due to COVID-19

18 December 2020 - Prior to the COVID-19 pandemic, Section 149 of the Companies Act, 2013 required every company to have at least one director, who has stayed in India for not less than a 182 day period per calendar year.

However, due to the pandemic, the Ministry of Corporate Affairs in India has clarified that non-compliance with a requirement of residency shall not be treated as non-compliance for the financial years 2020 and 2021.

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