A big relief is given by the Ministry of Corporate Affairs (MCA) to the companies today by extension of AGM date for holding Annual General Meeting till December 31st from September 30th.
Let’s understand in detail –
Extension of AGM Date
Due to the Covid-19 pandemic, the ministry of corporate affairs has diminished the compliance burden on the corporate sector which partially opened up the industry.
MCA has rendered a major relief of granting an extension of 3 months for holding an annual general meeting. Hence Companies with AGM due date as 30.09.2020 can conduct their AGM by 31.12.2020. Also stated that If Company’s AGM due date falls on 1st September then it can hold AGM by 1st December. There is no requirement for separate application in form GNL-1 for the extension.
The matter was earlier reviewed where MCA published the circular number dated 05.05.2020 regarding holding of AGM through video conferencing. However, holding AGM via video conferencing is not possible for everyone. Again MCA published the General Circular no. 28/2020 dated 17th August 2020 in which issued a clarification on the extension of AGM date beyond 30th September 2020 for the financial year ended as at 31.03.2020.
New Notification for extension of time to hold AGM for FY 2019-20
The Ministry of Corporate Affairs issued the notice on the extension granted an extension of 3 months for holding an annual general meeting and hence Companies with AGM due date as 30.09.2020 can conduct their AGM by 31.12.2020.
Under this notice, Order shall also include all the pending applications filed in Form No. GNL-1 for the extension of AGM for the financial year ended on 31.03.2020, which are yet to approve. Where the approval for the increase of AGM up to 3 months from the due date of the AGM. And shall be deemed to have been allowed by the undersigned. without any further activity on the part of the company.
Note- The extension of AGM date has allowed for a maximum of 3 months.
If you require any other guidance with respect to Company Annual compliance, please feel free to contact our business advisors at 8881-069-069.
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