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Clarification on Extension of Annual General Meeting (AGM) for the financial year ended as at 31.03.2020- Companies Act, 2013-reg. (General Circular No. 28/2O20)
Clarification on Extension of Annual General Meeting (AGM) for the financial year ended as at 31.03.2020- Com…
The Registrars of Companies are hereby advised to consider all the applications (filed in Form No. GNL-1) by the companies which are unable to hold their AGM for the financial year ended on 31.03.2020, liberally in view of the hardships faced by the stakeholders and to grant extension for the period as applied for (upto three months) in such applications.
General Circular No. 28/2O20
File No.2/4/2020-CL-V
Government of India
Ministry of Corporate Affairs
"A" Wing, 5th Floor, Shastri Bhawan
Dr. R.P. Road, New Delhi 110001
Date 17th Aug, 2O20
To
All Regional Directors,
All Registrar of Companies,
All Stakeholders
Sir/Madam,
Several representations have been received in the Ministry for providing relaxations in the provisions of Companies Act, 2013 (the Act) or rules made thereunder to allow companies to hold their annual general meeting (AGM) for the financial year ended on 31s' March, 2020 beyond the statutory period provided in section 96 of the Act.
2. The matter has been examined in this Ministry and it is stated that this Ministry had inter-alia, clarified vide General Circular No. 20/2020, dated 05.05.2020 (G.C. 20/2020] regarding holding of AGM through video conferencing (VC) or other audio visual means (OAVM) for the calendar year 2020. In addition, the companies which are unable to hold their AGMs were advised to prefer applications for extension of AGM at a suitable point of time before the concerned Registrar of Companies under section 96 of the Act.
3. In view of the above, it is once again reiterated that the companies which are unable to hold their AGM for the financial year ended on 31.03.2020, despite availing the relaxations provided in the G.C. 20/2020 ought to file their applications in form No. GNL-1 for seeking extension of time in holding of AGM for the financial year ended on 31.03.2020 with the concerned Registrar of Companies on or before 29.09.2020.
4.The Registrars of Companies are hereby advised to consider all such applications (filed in Form No. GNL-1) liberally in view of the hardships faced by the stakeholders and to grant extension for the period as applied for (upto three months) in such applications.
5. This issues with the approval of the competent authority.
Yours faithfully.
(K.M.S. Narayanan)
Assistant Director (Policy)
Copy forwarded for information to:-
- e-governance section and web contents officer to place the circular on MCA website
- Guard File.
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