EXTENSION OF TIME TO HOLD ANNUAL GENERAL MEETING

 

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EXTENSION OF TIME TO HOLD ANNUAL GENERAL MEETING

 

Ministry of Corporate affairs (MCA) has given relaxation to companies to voluntarily seek extension of time period to hold AGM for F.Y. ending 31.03.2020 by filing Form GNL-1 to concerned ROC on or before 29/09/2020. The official notification regarding the same is here given below:

General Circular No. 28/2020

F. No. 2/4/2020-CL-V
Government of India
Ministry of Corporate Affairs

5th Floor, ‘A’ Wing, Shastri Bhawan,
Dr. R. P. Road, New Delhi
Dated: 17th August, 2020

To

All Regional Directors,

All Registrar of Companies, All Stakeholders.

Subject: Clarification on Extension of Annual General Meeting (AGM) for the financial year ended as at 31.03.2020- Companies Act, 2013-reg.

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 31st 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 S Narayanan)

 

 

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