MCA grants extension of 2 months for conducting AGM of FY 2020-21 | AGM due date extended

Considering the difficulties being faced due to second wave of Covid-19 and consequent lockdown etc, ministry of corporate affairs have decided to accord approval for extension of time for a period of two months beyond the due date by which the companies are required to conduct their AGM for the financial year 2020-21 ended 31st March 2021.

The attached Office memorandum by MCA is as under:

MCA extends AGM due date

To download the circular CLICK HERE.

 

Although the extension would be different for different companies depending on their due date for conducting AGM as 2 months have been granted from respective companies due date but generally it will be 30.11.2021 for many companies. Also, an extension is to be requested before MCA.

It is being said by various professionals that such extension will be an automatic extension and one need not apply for same before MCA.

Further, ICAI has also extended the due date for generating UDIN from 15 days to 60 days. To read CLICK HERE.

Briefly the provisions for holding AGM is as under:

As per the provisions of Section 96 of the Companies Act, 2013 (“Act”), every Company other than One Person Company shall in each calendar year, hold a General Meeting as its Annual General Meeting (“AGM”). Every Company shall hold its first AGM within nine months from the date of closing of the first financial year of the Company and thereafter in each year within six months from the closure of the financial year, such that the time gap shall not be more than fifteen months between two successive AGMs.

Section 96 requires that the subsequent AGM should be held on the earliest of the following dates:

(a) fifteen months from the date of the last AGM; or

(b) six months from the closure of the financial year.

 

You can book phone consultation/ assistance online with expert as mentioned below: