Ministry of Corporate Affairs (“Ministry”) in a circular dated 25th September, 2023, has decided to further allow companies whose Annual General Meetings (“AGMs”) are due in the Year ‘2023’ or ‘2024’, to conduct their Extraordinary General Meetings (“EGMs”) through Video Conference (“VC”) or Other Audio Visual Means (“OAVM”) or transact items through ‘postal ballot’ in accordance with framework provided up to 30th September, 2024.
Further, it has been clarified by the Ministry that this General Circular should not be construed as conferring any extension of statutory time for holding of AGMs by the companies under the Companies Act, 2013 and the companies which have not adhered to the relevant statutory timelines will be liable to legal action under the appropriate provisions of the Act.
Source: The Ministry of Corporate Affairs
