MCA Clarification on extension of AGM for F.Y ended 31st March,2020

Ministry of Corporate Affairs (MCA) vide a circular dated 17th August,2020 has issued clarification on the extension of Annual General Meeting (AGM) for the financial year ended 31st March,2020 by filing Form GNL-1 on or before 29th September,2020.

MCA has received several representations requesting relaxations in the provisions of Companies Act,2013, or rules made there under to allow companies to hold their AGM for the FY ended 31st March,2020 beyond the statutory period provided in Section 96 of the Act.

After examining the matter, Ministry has stated that it has already vide General Circular No.20/2020 provided relaxations regarding holding of AGM through Video Conferencing or other Audio Visual means for the calendar year 2020.

Despite of the relaxations already provided if a company is still unable to hold their AGM for F.Y. ended 31st March,2020, it must file an application in Form No. GNL-1 for seeking extension of time for holding AGM, with the concerned Registrar of Companies on or before 29th September,2020.

The Ministry has directed Registrars of Companies to consider all such applications (filed in Form No. GNL-1) liberally in view of the hardships faced by the stakeholders and to grant an extension for the period as applied for (up to three months) in such applications.

 

Source: General Circular No.28/2020| 17.08.2020