Clarification on Extension of AGM for the financial year ended 31 March 2020

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,

1. Several representations have been received  in  the  Ministry  for providing relaxations in the provisions of Companies Act, 2013 (the Act) or  ru les made thereunder to allow companies to hold their annual general meeting  (AGM) for the financial year ended on 31st Ma rch , 2020 beyond  the  statutory period  provided in section 96 of the Ac t.

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.Th e 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 application s.

5. This issues with the approval of the competent authority .

 

Yours faithfully,

 

KMS Narayanan Assistant Director (policy)

Copy forwarded for information to:- 1 . e -governance section and web contents officer to place the circular on MCA website and 2. Guard file .

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