Announcement by CL and CGC regarding the Extension of holding of AGM through VC or OAVM up to 30th June 2022

Announcement by CL&CGC regarding Extension of holding of AGM through VC or OAVM upto 30th June 2022

NON-ACADEMIC ICAI UPDATE (NOT RELEVANT FOR EXAMS BUT FOR GENERAL AWARENESS)

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Hello Everyone,

Please find the text of the announcement by CL&CGC regarding the Extension of holding of AGM through VC or OAVM up to 30th June 2022 notification below –

An announcement by CL&CGC regarding the Extension of holding of AGM through VC or OAVM up to 30th June 2022.

Corporate Laws & Corporate Governance Committee
The Institute of Chartered Accountants of India
13th December
2021


ANNOUNCEMENT

Sub: Extension of holding of Annual General Meeting (AGM) through Video Conference (VC) or Other Audio-Visual Means (OAVM) up to 30th June 2022.


This is to inform you that the Ministry of Corporate Affairs vide its General Circular No 19/2021 dated 08.12.2021 has allowed the Companies whose AGMs are due in the year 2021, to conduct their AGMs on or before 30th June 2022 in accordance with the requirements laid down in Para 3 and Para 4 of the General Circular No. 20/2020 dated 05.05.2020.

It has further been clarified that the aforementioned extension shall not be construed as conferring any extension of time holding of AGMs by the companies under the Companies Act, 2013.

Accordingly, the companies which have not adhered to the relevant timelines shall be liable to legal action under the appropriate provisions of the Act.

The MCA’s Circular No. 20/2020 dated 5th May 2020 has allowed the companies to hold Annual General Meeting (AGM) in a manner similar to EGM Circular- l & II which deal with the conduct of Extraordinary General Meeting (EGM) and by virtue of the same the companies have been allowed the holding of Annual General Meeting (AGM) through Video Conferencing (VC) or Other Audio-Visual Means (OAVM).

Circular dated 08.12.2021 is available at the link-
https://www.mca.gov.in/bin/dms/getdocument?mds=LzJdfoYrL7zlnxT8HWRv5Q%253D%253D&type=open

Circular dated 05.05.2020 is available at the link-
https://www.mca.gov.in/bin/ebook/dms/getdocument?doc=MTM1MTk=&docCategory=NotificationsA

Members may take note of the above and plan accordingly.

With Warm Regards,


Corporate Laws & Corporate Governance Committee
The Institute of Chartered Accountants of India

Official Link of Announcement of An announcement by CL&CGC regarding the Extension of holding of AGM through VC or OAVM up to 30th June 2022 notification can be accessed from below –

https://www.icai.org/post/clcgc-regarding-extension-of-holding-of-agm-131221

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Announcement by CL and CGC regarding the Extension of holding of AGM through VC or OAVM up to 30th June 2022 1

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