MCA has issued a clarification regarding the extension of the period for holding AGM and EGM through Video Conference or OAVM.
Reetu | Sep 20, 2024 |
MCA extends period of conducting AGM and EGM through Virtual Mode for another 1 Year
The Ministry of Corporate Affairs (MCA) has issued a clarification regarding the extension of the period for holding of Annual General Meeting (AGM) and EGM through Video Conference (VC) or Other Audio Visual Means (OAVM) and passing of Ordinary and Special resolutions by the companies under the Companies Act 2013. The period has been extended to another 1 Year.
The MCA issued a circular regarding this clarification.
The circular reads as follows:
In continuation to this Ministry’s General Circular No. 20/2020 dated 05.05.2020, General Circular No. 02/2022 dated 05.05.2022, General Circular No. 10/2022 dated 28.12.2022 and General Circular No. 09/2023 dated 25.09.2023 after due examination, it has been decided to allow companies whose AGMs are due in the Year 2024 or 2025, to conduct their AGMs through VC or OAVM on or before 30th September 2025 in accordance with the requirements laid down in Para 3 and Para 4 of the General Circular No. 20/2020 dated 05.05.2020.
However, it is hereby clarified that the General Circular shall not be construed as conferring any extension of statutory time for holding of AGMs by the companies under the Companies Act, 2013 (the Act) and the companies which have not adhered to the relevant statutory timelines shall be liable to legal action under the appropriate provisions of the Act.
Further, in continuation to this Ministry’s General Circular No. 14/2020 dated 08.04.2020, General Circular No. 03/2022 dated 05.05.2022, General Circular No. 11/2022 dated 28.12.2022 and General Circular No. 09/2023 dated 25.09.2023 and after due examination, it has also been decided to allow companies to conduct their EGMs through Video Conference (VC) or Other Audio Visual Means (OAVM) or transact items through the postal ballot in accordance with framework provided in the aforesaid Circulars up to 30th September 2025. All other requirements provided in the said Circulars shall remain unchanged.
These issues with the approval of the Competent Authority.
For Official Circular Download PDF Given Below:
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