News from the desk of Ministry of Corporate Affairs
Upon receipt of representations from various stakeholders, the Ministry of Corporate Affairs has directed all Registrar of Companies (ROC) to grant its approval up to 3 (three) months extension to companies which have not able to hold their Annual General Meetings (AGMs) pertaining to the financial year ending on 31st day of March 2020.
In terms of the powers vested under the provisions of Section 96 of the Companies Act, 2013, the office of ROC of different jurisdictions have extended the time to hold AGM (other than the first AGM), for the financial year ending on the 31st day of March 2020, in respect of Companies, which are unable to hold their AGM within the stipulated time period, by a period of 3 (three) months from the due date, without filing applications in prescribed Form GNL-1 seeking such extension of time.
The office of ROC has clarified that the extension granted under this Order shall also cover the following applications:
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- Pending applications filed in Form GNL-1 for the extension of AGM for the financial year ending on 31st day of March,.2020 which are yet to be approved; and
- The applications filed in Form GNL-1 for the extension of AGM, which was rejected.
The complete text of the orders issued by respective Registrar of Companies can be viewed at below link:
http://www.mca.gov.in/MinistryV2/extensionofagm.html
Last Updated: 11th September 2020 This article is contributed by:
Luv Malhotra Senior Manager, Legal
Tag: MCA