AGM Extension 2020: MCA Clarification for the FY 31.03.2020

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.

Key Highlights:-

1. MCA has gotten a few representations to permit organizations to hold their annual general meeting(AGM) for the financial year ended on 31st March, 2020 beyond the statutory period provided in sector 96 of the Companies Act 2013.

Provisions of Section 96 of Companies Act, 2013 – AGM Related

In case of first AGM of the Company:	In case of Subsequent AGM of the Company:
• 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

2. Ministry Key aspects:-
   • 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).
   • Company can apply it voluntarily for the extension.
3. Solution/Suggestions given by MCA:- 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).
4. MCA E-Form and due date to apply for extension:
   • Form no. – GNL-1
   • Last date to apply for extension : 29.09.2020

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