MCA vide General Circular no. 28/2020 dated 17th August 2020 has given Clarification on Extension of Annual General Meeting (AGM) for the financial year ended as at 31.03.2020-Companies Act, 2013.
In case of first AGM of the Company: | In case of Subsequent AGM of the Company: |
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• not necessary to hold AGM in the year of its incorporation | • AGM is an Annual Exercise |
• AGM shall be held within a period of 9 months from the date of closing of the first financial year of the company | • within a period of 6 months, from the date of closing of the financial year |
a) Ministry has given digital AGM platform to all the Companies. Ministry vide General Circular No. 20/2020 has explained that Companies can hold AGM for the calendar year 2020 through video conferencing (VC) or other audio visual means(OAVM).
b) Company can apply it voluntarily for the extension.
If company wants an extension of AGM, then they can file it voluntarily with the registrar of companies(in spite of benefiting the relaxations gave in the General Circular 20/2020)
Last date to apply for extension : 29.09.2020