ROC has extended time limit to conduct Company AGM by 3 Months to 31 December 2020
Update on 11 September 2020 – Impact of extension of time for Conducting AGM
The last date for conducting AGM is not 31.12.2020 for All companies, it would vary from case to case.
1. If any Company has conducted their last AGM on 30.09.2019 than the last date shall be 31.12.2020
2. If any Company has conducted their last AGM on 30.07 .2019 than the last date shall be 30.10.2020 (12 months + 3months) because time gap between two AGM shall not exceed 15 months in any case.
3. The extension is not applied in case of first AGM.
4. Since the power was used by respective ROC and not by MCA, which means the power of ROC has already been used. Thus for further extension one has to go for compounding.
Update as on 9 September 2020
General order for extension of time to hold AGM for FY 2019-20
A big Relief is given by Ministry of Corporate Affairs (MCA) to around 12 lakhs companies today by extending the timeline for holding Annual General Meeting till December 31st from September 30th.
MCA issued directions to RoCs to issue orders without filing of formal application and payment of fee. Even applications already filed but not approved or rejected are also covered for this relief.
MCA is extending this timeline due to COVID-19 and Meeting the demand from various associations for extending time to hold AGM. This is for the first time that such relief generally is given to all companies.
Extension of time for holding Annual General Mi‘ding (AGM) the financial year ended on 31 March 2020
Section 96 of the Companies Act 2013 provide that every company other than a One Person Company , shall in each year hold an a general meeting as its Annual General Meeting (AGM) and shall specify the meeting as such in the notices calling it and not more than fifteen months shall elapse between the date of one AGM of a company and that of the next
And WHEREAS the first proviso of section 96 of the Act provides that in case of the first AGM, it shall be held within a period of nine months from the date of closing of the first financial year of the company and in other case, within a six months, from the date of closing of the financial year
And WHEREAS, the third proviso to Sub-section (I) of section 96 of the Act provides that the Registrar may, for any special reason, extend the time within which any annual general meeting, other than the first annual general meeting, shall As held, by a period not exceeding three months
And WHEREAS, various representations have been received from the companies, bodies and Professional Institutes pointing out that several companies are finding it difficult to hold their AGM for the financial year ended on 31.03.2020 due to the difficulties faced in view of the COVID 19 pandem
And WHEREAS, the representations have been considered and the undersign is of the considered opinion that due to such unprecedented special reasons, the time within which the AGM for the financial year ended on 31.03.2020 is required to be held as per provisions to be extended
The undersigned hereby the time to hold the AGM, other than the first AGM, for the Financial year ended 31.03.2020 for companies that are unable to hold their AGM within due date of holding or period of three months from the due date are extended without companies requiring to file GNL 1 Form
The approval for extension of AGM upto 3 months from the due date of AGM shall be deemed to have been granted by the undersigned without any further action on the part of Company
ROC Bengaluru Karnataka
Similar order is issued by ROC Pune and few states and It is been expected rest of ROC shall issue such order soon !