Aug 19, 2020 Circulars & Notifications Attachment Link
As per section 96 of the companies Act, 2013, every company other than one person company (OPC) must hold an Annual General Meeting (AGM) within six months from the closing date of financial year i.e. before 30th September every year.
Further, due to COVID-19 pandemic, the Ministry of Corporate Affairs (MCA) vide its General Circular No. 20/2020, dated 05.05.2020 had already clarified that AGM can be held through video conferencing (VC) or other audio visual means (OAVM). However, now MCA has further issued a circular dated 17th August, 2020 clarifying the following aspects regarding holding of AGM by a Company specified in Section 96 of the Act therein
- The normal due date for holding AGM for the financial year ending on 31.03.2020 is 30th September, 2020. The said due date has not been extended and the last date for holding the AGM will stay as 30th September, 2020. However, the relaxation provided vide General Circular No. 20/2020 dated 05.05.2020 for conducting meeting through virtual means (VC and OAVM) would remain applicable.
- However, if conducting AGM through above means (VC and OAVM) is not possible within the above prescribed time limits, then companies can file extension in Form GNL-1 with the concerned Registrar of Companies (ROC) on or before 29.09.2020.
- Further, the circular also clarifies that after receiving the application in Form GNL-1, extension can be granted only for a period upto three months, i.e. 31st December, 2020. In other words, the ROC cannot extend the time limit for conducting an AGM beyond 31st December, 2020.
The said circular can be seen by clicking on the following link http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo.28_17082020.pdf