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April 22, 2020

Companies whose financial year has ended on 31st December, 2019 can held AGM till 9 months 30 Sep – Covid-19

by facelesscompliance in Compliance Law, Corporate Law

Holding of annual general meetings by companies whose financial
year has ended on 31st December, 2019.

Several representations have been received from stakeholders with
regard to difficulty in holding annual general meetings (AGMs) for companies whose financial year ended on 31st December, 2019 due to COVID-1 9 related social distancing norms and consequential restrictions linked thereto. These representations have been examined and it is noted that the Companies Act, 2013 (Act) allows a company to hold its AGM within a period of six months (nine months in case of first AGM) from the closure of the financial year and not later than a period of 15 months from the date of last AGM .

On account of the difficulties highlighted above, it is hereby ctarified that if the companies whose financial year (other than first financial year) has ended on 31st December, 2019, hold their AGM for such financial year within a period of nine months from the closure of the financial year (i.e. by 30th September, 2020), the same shall not be viewed as a violation. The references to due date of AGM or the date by which the AGM should have been held under the Act or the rules made there under shall be construed accordingly.