No extension in holding AGM by MCA for financial year ending 31.03.2020

written by ADMIN | August 18, 2020

In our earlier post we had discussed about ICSI making representation before MCA for extension of due date of holding AGM for FY 2019-20 i.e. year ending 31.03.2020.

Now, MCA has issued a circular stating that no extension shall be granted for holding of AGM as they have already provided relaxation of holding AGM by video conference or such other mode and i,f even after that a company is not able to hold AGM they need to apply for extension before registrar for their case by making an application under section 96 of the Companies Act.

The circular of MCA read as under:

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 31 st 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.

To download the circular CLICK HERE.

To read the original circular 28/2020 you can visit: http://ebook.mca.gov.in/Default.aspx?page=notification