Posted on 09-09-2020:
AGM due date for the Financial Year ended
31.03.2020 has been extended 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 Annual General Meeting for the financial year ended on 31st March, 2020 beyond
the statutory period provided in section 96 of the Companies Act, 2013. A major relief has been granted by MCA by way
of granting extension of 3 months for holding annual general meeting and hence
Companies with AGM due date as 30.09.2020 can conduct their AGM by 31.12.2020.
But If Company’s AGM due date falls on 1st September then it can held AGM by
1st December. There is no need of separate application in form GNL-1 for
extension.
In terms of power
vested under the third proviso to sub-section (1) of Section 96 of the Act, the
Registrar of Companies extended the time to hold AGM, other than the first AGM,
for the financial year ended on March 31, 2020 for Companies within the
jurisdiction of this office, which are unable to hold their AGM the provisions
of sub-section(1) to Section 96 of the Act, without requiring the for such
period within the due date of holding the AGM by a period of three months from
the due date by which the AGM ought to have been held in accordance with
companies to file applications for seeking such extension by filing the
prescribed Form No. GNL-1.
The RoC clarified that
the extension granted under this Order shall also cover the pending
applications filed in Form No. GNL-1 for the extension of AGM for the financial
year ended on 31.03.2020, which is yet to be approved.
Further, the applications filed in Form No. GNL-1 for the
extension of AGM for the financial year ended on March 31, 2020, which were
rejected, where the approval for extension of AGM up to 3 months from the due
date of the AGM shall be deemed to have been granted without any further action
on the part of the company.
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