The Ministry of Corporate Affairs (MCA) had earlier in a circular dated May 5, 2020 stated that companies will be allowed to conduct their Annual General Meeting (AGM) through video conferencing (VC) or other audio visual means (OAVM), during the calendar year 2020, subject to the fulfilment of specific requirements which were also listed out in the said circular.
The companies not getting covered under the relaxation and which are unable to conduct their AGM in accordance with the framework provided were also advised to apply for extension of AGM at a suitable point of time before the concerned Registrar of Companies.
Now, in a recent circular dated August 17, 2020, the MCA has reiterated and clarified that companies which are unable to hold their AGM for the financial year ended on March 31, 2020, despite availing the relaxations provided in the previous circular, must file their applications in Form GNL-1 and seek an extension of time in holding of AGM for the financial year ended on March 31, 2020 with the concerned Registrar of Companies on or before September 29, 2020.
The Registrars of Companies have also been advised to consider all such applications 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.
Source: Ministry of Corporate Affairs
