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August 18, 2020

MCA Clarify Companies can Extend Annual General Meeting (AGM) for FY Ended 31 March 2020

by facelesscompliance in Corporate Law, MCA Circular, SEBI, Stock Market

MCA Clarify Companies can Extend Annual General Meeting (AGM) for FY Ended 31 March 2020

Clarification on Extension of Annual General Meeting (AGM) for the
financial year ended as at 31.03.2020 Companies Act, 2013

MCA has received Several representations for providing relaxations in the provisions of Companies Act, 2013 (the Act) or rules made thereunder to allow companies to hold their annual general meeting (AGM) for the financial year ended on 31 st March, 2020 beyond the statutory period provided in section 96 of the Act.

The matter has been examined in this Ministry and it is stated that this Ministry had inter-alia, clarified vide General Circular No. 20/2020, dated 05.05.2020 [G.C. 20/2020] regarding holding of AGM through video conferencing (VC) or other audio visual means (OAVM) for the calendar year 2020. In addition, the companies which are unable to hold their AGMs were advised to prefer applications for extension of AGM at a suitable point of time before the concerned Registrar of Companies under section 96 of the Act.

In view of the above, it is once again reiterated that the companies which are unable to hold their AGM for the financial year ended on 31.03.2020, despite availing the relaxations provided in the G.C. 20/2020 ought to file their applications in form No. GNL-1 for seeking extension of time in holding of AGM for the financial year ended on 31.03.2020 with the concerned Registrar of Companies on or before 29.09.2020.

The Registrars of Companies are hereby advised to consider all such applications (filed in Form No. GNL-1) liberally in view of the hardships faced by the stakeholders and to grant extension for the period as applied for (upto three months) in such applications.

GNL-1 FORM: For filling of application with Registrar

  • Purpose:
    • E-formGNL-1 is required to be filed pursuant to rule 12(2) of Registrar of Companies (Registration Offices and Fees) Rules, 2014 the Companies Act, 2013.
    • This form is used where no E-form is prescribed to file the application under the various rules prescribed under the Act.
    • This single form is prescribed for seeking approval of Registrar of the Company in cases such as-:
    • Compounding of offences
    • Extension of AGM up to 3 months
    • Scheme of arrangement, amalgamation
    • Others, for example
      • Shifting of registered office from one state to another.
      • Application for removal of disqualification of directors

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