MCA Guidelines for the Extension of the date to hold AGM

Before conducting an AGM, the Companies Act mandates a prior notice of at least 21 days from the date of the actual meeting to the members stating the details of the meeting. However, observing the circumstances created by the pandemic and multiple requisitions received from companies, the MCA announced an extension in the timeline to hold the AGM for the year 2020 till 31.12.2020 instead of 30.09.2020. Through circular vide 28/2020 issued on 17th August 2020, the MCA provided that businesses can request an extension in holding of AGM through submission of Form GNL-1 to the Registrar of Companies (ROC) before the date 29th September 2020. The Ministry of Corporate Affairs MCA has recommended the ROC to consider the Form GNL-1 copiously and provide a postponement of further three months to hold AGM. Nevertheless, with such an extension in the deadline to hold the AGM the companies whose financial year ends on 31st March 2020 will be able to hold their AGM by 31st December 2020 despite the normal date for holding AGM within 30th September 2020.