Extension of due date of Annual General Meetings

NovoJuris , Team
Posted on Fri, 11 September 2020

Considering the representations made by various stakeholders, the Registrar of Companies, exercising their power granted under section 96(1) of the Companies Act, 2013, has issued an order, thereby extending the time to hold the Annual General Meeting for the financial year ended on 31 March 2020 for companies which are unable to hold the AGM within the due date, by a period of three months from the due date by which the AGM ought to have been held.

This extension shall not be applicable in case of the first Annual General Meeting, which is required to be held by a company, within nine months from the date of closing of the first financial year.

This order eliminates the requirement of filing the prescribed Form No. GNL-1 to the Registrar, for seeking an extension of time to hold the Annual General Meeting.

The order further clarifies that the extension granted shall also cover the pending applications filed in Form GNL-1 for seeking an extension of AGM for the financial year ended 31 March 2020, which are yet to be approved and rejected.
This order comes as a relief to the companies which are finding it difficult to conduct the AGM due to the unprecedented situation of the COVID pandemic.

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