Extension of due date for holding AGM due to COVID 19

Extension of due date for holding AGM

MCA has extended the time frame for conducting AGM by the companies, which are following Financial Year as 1^st January to 31^st December. The revised due date is September 30, 2020, instead of June 30, 2020. As per Companies Act, 2013, all the companies are required to conduct AGM within 6 months from the end of Financial Year (except 1^st AGM). The relief comes in response to several representations received by MCA from stakeholders with regard to difficulty in holding AGM due to COVID-19 related social distancing norms and consequential restrictions linked thereto.

Read Circular at-

http://www.mca.gov.in/Ministry/pdf/Circular18_21042020.pdf

COMPLIANCE CHECKLIST FOR HOLDING AGM THIS YEAR.

 

SECTION	ACTION
	MEETING OF THE BOARD
Section 173	Call and Hold a Board Meeting by giving a seven days notice to all the directors for finalization of Board Report and Financial Results.
	Make the following documents ready: 1.       AGM  Notice 2.       Board Report 3.       Statutory Auditor’s Report. 4.       Financials.
Section 101	Send the notice of the said AGM at least 21 clear days before the date fixed for the meeting.
Section 101(3)	The notice of every meeting of the company shall be given to-   (a) every member of the company, legal representative of any deceased member or the assignee of an insolvent member; (b) the auditor or auditors of the company; and (c) every director of the company.
	HOLDING THE AGM THROUGH VIDEO CONFERENCING OR ANY OTHER AUDIO VISUAL MEANS
General Circular No/.14/2020 dated 8th April,2020	In such meeting, other than ordinary business, only those items of special business, which are considered to be unavoidable by the Board, may be transacted.
	Convenience of different persons positioned in different time zones shall be kept in mind before scheduling the meeting.
	The facility for joining the meeting shall be kept open at least 15 minutes before the time scheduled to start the meeting and shall not be closed till the expiry of 15 minutes after such scheduled time.
	Attendance of members through VC or OAVM shall be counted for the purpose of quorum under Section 103 of the Act.
	Only those members, who are present in the meeting through VC or OAVM facility and have not cast their vote through remote e-voting and are otherwise not barred from doing so, shall be allowed to vote in the meeting.
	The facility of appointment of proxies by members will not be available for such meetings.
	At least one Independent Director (where the company is required to appoint one), and the auditor or his authorized representative, who is qualified to be auditor shall attend such meeting through VC or OAVM.
	Where institutional investors are the members of a company, they must be encouraged to attend and vote in the said meeting through VC or OAVM.
	FILING OF THE RESOLUTIONS PASSED IN THE SAID MEETING.
General Circular No/.14/2020 dated 8th April,2020	All resolutions passed in accordance with this mechanism shall be filed with the Registrar of Companies within 60 days of the meeting.
	AFTER THE AGM
Section 118 of the Companies Act,2013	AGM minutes to be finalized.
Section 139(1) of the Companies Act, 2013	Filing of the Form  ADT. 1 within 15 days of AGM. (Ratification of appointment of auditors.)
Section 117 (1) of the Companies Act,2013	Filing Form MGT.14 as applicable within 30 days of AGM.