Extend the due date for holding AGM under Companies Act 2013 as mandated in section 96

DIRECT TAXES PROFESSIONALS’ ASSOCIATION

Ref. No. DTPA/Rep/20-21/14                                                Dated : 15th December 2020

Smt. Nirmala Sitharaman

Hon’ble Minister of Finance and Corporate Affairs

Government of India

Department of Revenue

North Block

New Delhi – 110001

[email protected]

Respected Madam,

Sub : Request to extend the due date for holding Annual General Meeting (AGM) of Companies as mandated in section 96 of the Companies Act 2013

Respected Madam, we wish to appraise your good self that in West Bengal, as well as other States, normalcy in operations is yet to set in as most of the working force commutes by local train and the train service has resumed with partial operations from 11th November, 2020, which makes difficult for work force to reach their office. Many professionals as well as their key staff have suffered infection from Covid -19. Therefore, in most of the offices the Businessmen as well as Professionals are unable to complete their incomplete work and prepare the financial statements for the year ended 31st March 2020.

As you are aware that section 96 of the Companies Act 2013 mandates that all companies will have to hold their Annual General Meeting latest by 30th September and gap between two such AGMs should not be more than 15 months. There is a further requirement that a 21 days clear Notice for the AGM has to be given to shareholders and therefore all companies need their Audit Reports to be ready in all respect latest by 8th September, which under the present circumstances seems very difficult. We also appreciate that MCA has already issued one Notification No. ROC/ WB/ Admin./ 2020/ 2717 for West Bengal where by all Companies required to hold AGM by 30/09/2020 can hold AGM till 31/12/2020.

However since the Entities have not yet been able to complete their accounts and audit due to Corona Pandemic, lack of local trains, many entrepreneurs and key staff having suffered COVID and due to poor percentage of staff coming in to offices.

Therefore, It is earnestly requested that the last date for holding AGM may kindly be extended to 31st March 2021 and the gap between two AGMs may be allowed upto 21 months.

Thanking you,

Your’s faithfully

For Direct Taxes Professionals Association