MCA extends Timeline of Annual General Meeting and EGM through VC or OAVM

The Ministry of Corporate Affairs(MCA) has issued a Clarification regarding timeline of holding of Annual General Meeting (AGM) and EGM through Video Conference (VC) or Other Audio Visual Means(OVAM) passing of Ordinary and Special resolutions by the companies under the Companies Act, 2013 via issuing Circular.

The Ministry has extended the timelines of holding AGM and EGM through VC or OAVM until September 30, 2024.

The Circular stated as follows:

In continuation to this Ministry’s General Circular No. 20/2020 dated May 05, 2020, General Circular No. 02/2022 dated May 05, 2022 and General Circular No. 10/2022 dated December 28, 2022 and after due examination, it has been decided to allow companies whose AGMs are due in the Year 2023 or 2024, to conduct their AGMs through VC or OAVM on or before September 30, 2024 in accordance with the requirements laid down in Para 3 and Para 4 of the General Circular No. 20/2020 dated May 05, 2020.

However, it is hereby clarified that 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 April 08, 2020, General Circular No. 03/2022 dated May 05, 2022 and General Circular No. 11/2022 dated December 28, 2022 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 postal ballot in accordance with framework provided in the aforesaid Circulars up to September 30, 2024.

All other requirements provided in the said Circulars shall remain unchanged.

For Official Circular Download PDF Given Below: