The Ministry of Corporate Affairs (MCA) notifies the extension in time limit for holding of Annual General Meeting (AGM) for the Financial Year 2019-20. Due to prevalent conditions of COVID-19 pandemic and restrictions resulting thereto, the stakeholders were demanding relaxations in holding of the Annual General Meeting for the financial year ending as on 31st March, 2020. Several representations had been received by MCA from the companies, industrial bodies and Professional Institutes requesting extension in the due date of holding AGMs owing to difficulties faced due to COVID-19 pandemic.
In consideration of the representations so made and due to unprecedented special circumstances arising due to pandemic, the MCA in terms of power vested u/s 96(1) of the Act has extended the time limit to hold the AGM, other than the first AGM for the financial year ended on 31st March 2020 by period of 3 months from the due date by which the AGM ought to have been held in accordance with the provisions of sub-section (1) of section 96 of the Act, without requiring the companies to file applications for seeking such extension by filing Form GNL-1.
Such extension will also be available to those companies whose applications in Form GNL-1 seeking extension of time limit for AGM are pending for approval. Further, the companies whose applications seeking extension for time limit of AGM had been earlier rejected, shall be deemed to have been granted extension without any further action on the part of the company.
You may also refer the following link for detailed information: http://www.mca.gov.in/MinistryV2/extensionofagm.html
