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(Read Order) AGM date is extended by 3 months

Order: Extension of time for Holding of Annual General Meeting (AGM) for the Financial Year ended on 31.03.2020

  1. Whereas sub-section (1) of section 96 of the Companies Act, 2013 (the Act) provides, inter-alia, that every company, other than a One Person Company, shall in each year hold in addition to any other meetings, a general meeting as its general meeting (AGM) and shall specify the meeting as such in the notices calling it, and not more than fifteen months shall elapse between the date of one AGM of a company and that of the next.
  2. And whereas, the first proviso to sub-section (1) of section 96 of the Act provides that in case of the first AGM, it shall be held within a period of nine months from the date of closing of the first financial year of the company and in any other case, within a period of six months, from the date of closing of the financial year.

Related Topic:
Clarification on holding of annual general meeting (AGM) through video conferencing (VC) or other audiovisual means (OAVM)

  1. And whereas, the third proviso to section 96(1) of the Act provides that the Registrar may, for any special reason, extend the time within which any annual general meeting, other than the first annual general meeting, shall be held, by a period not exceeding three months;
  2. And whereas, various representatives have been received from the companies, Industry bodies, and Professional Institutes pointing out that several companies are finding it difficult to hold their AGM for the Financial year ended on 31.03.2020 due to the difficulties faced in view of the COVID-19 pandemic.

Related Topic:
Draft Board Resolution for Extension of AGM

  1. And whereas, the representations have been considered and the undersigned is of the considered opinion that due to such unprecedented special reasons, the time within which the AGM for the financial year ended on 31.03.2020 is required to be held as per the provisions of sub-section (1) of section 96 ought to be extended in terms of the Third proviso to section 96(1);

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(Read Order) AGM date is extended by 3 months

 

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