COVID-19 Update: Relaxation in holding Annual General Meetings (AGM) by companies whose financial year ended on December 31, 2019

In view of the disruption caused by pandemic COVID-19, Ministry of Corporate Affairs (MCA) has allowed companies to hold their Annual General Meeting (AGM) within a period of 9 months from the closure of financial year (i.e, by September 30, 2020). MCA Circular can be accessed from here.

Earlier, NASSCOM made a representation to MCA to relax time period for conduct of AGMs by such companies. The relaxation is important as Companies Act 2013 mandate companies to hold AGM of its members either within 6 months from the close of Financial Year (FY) or within 15 months from the date of last AGM.  This relaxation would particularly be important for Indian subsidiaries of foreign company following January to December as FY. It will provide the much-needed relief to companies, while safeguarding health of individuals and ensuring compliance with statutory provisions.

MCA Circular is attached for your reference.


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