Extension of AGM for Financial Year ended 31st March, 2020 by MCA

GENERAL CIRCULAR NO. 28/2020 DATED 17-08-2020

• Several representations have been received in the Ministry for providing relaxations in the provisions of Companies Act, 2013 or rules made thereunder to allow companies to hold their AGM for the financial year ending on 31st March, 2020 beyond the statutory period provided in section 96 of the Act.

• 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 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.

• 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.

• The Registrar 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.

Circular No. 28/2020

Download