The Ministry of Corporate Affairs (MCA) issued an Office Memorandum extending the deadline for conducting the Annual General Meeting (AGM) for the fiscal year ending March 31, 2021. The Central Government has received representations requesting an extension of time to hold the Annual General Meeting (AGM) for the fiscal year 2020-21, which ends on March 31, 2021, citing numerous difficulties incurred as a result of the second wave of Covid-19 and subsequent lockdowns, among other things.
As a result, it has been decided to urge the Registrar of Companies (RoCs) to provide authorization for a two-month extension of time beyond the deadline by which companies must hold their AGMs for the financial year 2020-21, which concluded on March 31, 2021. Agreeing to this, all the state ROCs have published their circular to extend the deadline for conducting AGMs for the financial year 2020-2021 by two months.
What the Companies Act of 2013 states about the Annual General Meeting
According to Section 96 of the Companies Act, 2013, every company other than a one-person company is required to conduct an Annual General Meeting (“AGM”) once a calendar year. Every company must conduct its first Annual General Meeting (AGM) within nine months of the end of its first financial year, and every year within six months of the end of the financial year, so that the period between two consecutive AGMs does not exceed fifteen months.
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