Extension of Annual General Meeting for the financial year ended 31.03.2020
According to the Companies Act, 2013, all companies except one person company should hold an Annual General Meeting (AGM) within a period of six months from the end of each financial year. The exception to this is if the company is holding its first AGM – it must be held within a period of nine months from the end of the financial year. Companies which could not hold the AGM before the given six months period, file form No. GNL-1 seeking extension of an additional three months time in holding of AGM. It must be noted that in any circumstance, the time gap between two AGMs should not exceed 15 months.
Due to the disruption caused by Covid-19, the Ministry of Corporate Affairs (MCA) permitted holding of AGM through video conferencing or other audio visual means for the calendar year 2020. Despite the relaxation, as many companies were unable to hold the AGM within six months of the financial year ending 31.03.2020, the MCA extended the time period to hold AGM by an additional three months. Hence, all companies with financial year ending 31.03.2020 must hold their AGM within the next nine months, and not exceeding 15 months since the date of last AGM.
The extension applies to all companies irrespective of whether they filed Form No. GNL-1 or not. Companies which applied and were waiting for approval, or were rejected are also granted extension automatically. However, please note that the extension is not granted to companies holding the first AGM – as they already have a nine months period from the end of the financial year to hold AGM.
Note: The above information is only for informative purposes and not to be taken as legal information or advice.
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