The Ministry of Corporate Affairs ( MCA ) has issued Clarification on the holding of annual general meetings (AGM) through video conferencing (VC) or another audiovisual means.
A Circular issued by MCA said that in continuation of this Ministry’s General Circular No. 20/2020, dated 05th May 2020 and after due examination, it has been decided to allow companies whose AGMs were due to be held in the year 2020, or become due in the year 2021, to conduct their AGMs on or before 31.12.2021, in accordance with the requirements provided in paragraphs 3 and 4 of the General Circular No. 20/2020.
The MCA also clarified that this Circular shall not be construed as conferring any extension of time for holding of AGMs by the companies under the Companies Act, 2013, and the companies which have not adhered to the relevant timelines shall remain subject to legal action under the Companies Act, 2013.
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