AGM DUE DATE FOR 2020 EXTENDED BY ROC

 

ROC EXTENDED DUE DATE OF AGM

 

As different ROC (Delhi, Jaipur, Mumbai, Kanpur, Ahmedabad, Bengaluru) issued order for extension of AGM for the financial year ended 31^st March, 2020 for Three months upto 31^st December 2020 without seeking any extension in GNL-1. Also expect other ROC will issue the same order soon.

 

As per Section 96(1) of the Companies Act, 2013 ROC has the power to extend the period of any AGM in special cases for period not exceeding three months. Hence different ROC issued this order.

 

It is also clarified under the order that the extension under this order shall cover

1. Pending Applications filed in Form no GNL-1 for the extension of AGM for the financial year ended on 31^st March 2020, which are yet to be approved;
2. Applications filed in Form No GNL-1 for the extension of AGM for the financial year ended on 31^st March 2020, which were rejected.

 

Below is the excerpt of such order issued by different ROC:

 

As per sub-section (1) Section 96 the Companies Act, 2013

1.   Every Company other than a One person company, shall in each year hold in addition to any other meeting, a general meeting as its annual 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;

 

3.   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;

 

4.  And whereas, various representations have been received from the Companies, industry bodies and Professional Institutes pointing out that several companies are finding difficult to hold their AGM for the financial year ended 31^st March 2020 due to the difficulties faced in view of the COVID19 Pandemic;

 

5.   And whereas, the representations have been considered and the undersigned is of the considered opinion that due to such unprecedented special reason, the time within which the AGM for the financial year ended on 31^st March, 2020 is required to be held as per provisions of sub-section (1) of Section 96 ought to be extended in terms of the third proviso to section 96(1);

 

6.  Now, therefore, in terms of power vested with the undersigned under the third proviso to sub-section (1) of section 96 of the Act, I hereby extend the time to hold the AGM, other than the first AGM, for the financial year ended on 31^st March 2020 for companies within the jurisdiction of this office, which are unable to hold their AGM for such period within the due date of holding the AGM by a period of three months from the due date by which the AGM ought to be have been held in accordance with the provisions of sub-section (1) to section 96 of the Act, without requiring the companies to file applications for seeking such  extension by filing the prescribed form no GNL-1.

 

Explantion: It is hereby clarified that the extension granted under this order shall also cover the;

1. Pending Applications filed in Form no GNL-1 for the extension of AGM for the financial year ended on 31^st March 2020, which are yet to be approved;
2. Applications filed in Form No GNL-1 for the extension of AGM for the financial year ended on 31^st March 2020, which were rejected.

 

Where the approval for extension of AGM upto 3 months from the due date of the AGM shall be deemed to have been granted by the undersigned without any further action on the part of the company.

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DISCLAIMER:- THE ARTICLE HAS BEEN WRITTEN BY SUDHIR ARYA, COMPANY SECRETARY IN PRACTICE & STARTUP CONSULTANT. DUE CARE HAS BEEN TAKEN TO ENSURE THE CORRECTNESS OF INFORMATION. IT'S BASED ON THE RELEVANT INFORMATION AVAILABLE AT THE TIME OF WRITING IT. HOWEVER, THIS ARTICLE CAN'T BE CONSTRUCTED AS LEGAL OPINION AND WRITER WILL NOT BE LIABLE FOR ANY DIRECT OR INDIRECT RESULT FROM THIS ARTICLE. THIS ARTICLE IS ONLY FOR KNOWLEDGE SHARING INITIATIVE.

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