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Time Limit for conducting the AGM extended upto 31st December 2020

Time Limit for conducting the AGM extended upto 31st December 2020

As per section 96 of the companies Act, 2013, every company (including Section 8 Companies) other than one-person company (OPC) must hold an Annual General Meeting (AGM) within six months from the closing date of financial year i.e. before 30th September every year. Earlier, Ministry of Corporate Affairs (MCA) had issued a circular dated 17th August, 2020 clarifying that the last date for the conducting of the AGM can be extended up to 31st December, 2020 after the filing of Application for such extension in form GNL-1.

However, in this regard, MCA has further directed all the State Registrar of Companies (ROC) to extend the time limit for conducting the AGM up to 31st December 2020. This implies that Companies would have the option to hold their AGM till 31st December, 2020 for the year ending on 31st March, 2020 without applying in the said form for such extension. In other words, companies are not required to file GNL-1 for extending the due date for conducting of the AGM. The respective state ROCs would be issuing notification orders in this regard in due course of time.

Therefore, it is advised to refer to the notifications issued by the State ROC in this regard.

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