MCA clarifies that where AGMs were due to be held in 2020 or becomes due in 2021, the companies can conduct the same upto 31/12/2021 using VC/ OAVM. Further MCA has clarified that this Circular is not meant for any timeline extension and the companies shall remain subject to legal action under the Companies Act, 2013.
MCA General Circular 02/2021 dt. 13/01/2021: Clarification on holding of annual general meeting (AGM) through video conferencing (VC) or other audio visual means (OAVM)
1. In continuation of this Ministry’s General Circular No. 20/2020, dated 05/05/2020 and after due examination, it has been decided to allow companies whose AGMs were due to be held in the year 2020, or become due in the year 2021, to conduct their AGMs on or before 31/12/2021, in accordance with the requirements provided in paragraphs 3 and 4 of the General Circular No. 20/2020.
2. It is clarified, that this Circular shall not be construed as conferring any extension of time for holding of AGMs by the companies under the Companies Act, 2013, and the companies which have not adhered to the relevant timelines shall remain subject to legal action under the Companies Act, 2013.
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MCA General Circular 20/2021 dt. 08/12/2021: Clarification on passing of Ordinary/ Special resolutions by companies
MCA should also extend the timeline for holding of AGM and filing of financial statements (FY 2020-21) with the ROC under the Companies Act 2013, to at least 31/12/2021 to match the timelines extended by CBDT and to provide desired relief to Corporates, Professionals and Other Stakeholders. Similar relaxation should be given in the case of OPCs as well.
Your suggestion has been considered by the MCA and timeline for holding AGMs by the companies has been extended by 2 months: MCA Extends Due Date for Holding AGM (FY 2020-21)