Company Law Insights || MCA extends due date for holding AGM for FY 19-20 by 3 months

Ministry of Corporate Affairs (MCA) vide an order dated 8th September,2020 has extended the time for holding of Annual General Meeting (AGM) for the financial year ended 31st March,2020 by 3 months for all companies.

Due to the widespread of COVID-19 and social distancing norms and consequential restrictions linked thereto, MCA has received several representations to allow companies to hold their AGM for the F.Y. ended on 31st March, 2020 beyond the statutory period provided in section 96 of the Companies Act, 2013.

Considering the above difficulties, MCA has extended the time to hold the AGM, other than the first AGM, for the F.Y ended on 31st March,2020 by a 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 the prescribed Form GNL-1.

Hence, Companies with AGM due date as on 30th September,2020 can conduct their AGM by 31st December,2020.

It has been further clarified that the extension granted under this Order shall also cover:

  • all the pending applications filed in Form No. GNL-1 for the extension of AGM for the F.Y ended on 31st March,2020, which are yet to be approved.
  • All applications filed in Form No. GNL-1 for the extension of AGM for GY ended 31st March,2020, which were rejected.

Source:  ROC/DEL/AGM Ext./2020/11538

-Tanya Kapoor
Associate
ShineWing India