MCA clarified that companies which have not adhered to relevant timelines for holding of AGM shall be liable to legal action under the provisions of Companies Act, 2013.
Ministry of Corporate Affairs vide its General Circular No 19/2021 dated 08.12.2021 has allowed the Companies whose AGMs are due in the year 2021, to conduct their AGMs on or before 30th June 2022 in accordance with the requirements laid down in Para 3 and Para 4 of the General Circular No. 20/2020 dated 05.05.2020. It has further been clarified that the aforementioned extension shall not be construed as conferring any extension of time holding of AGMs by the companies under the Companies Act, 2013. Accordingly, the companies which have not adhered to the relevant timelines shall be liable to legal action under the appropriate provisions of the Act.
File No. Policy-17/57/2021-CL-MCA
Government of India
Ministry of Corporate Affairs
5th Floor, ‘A’ Wing, Shastri Bhawan,
Dr. Rajendra Prasad Road, New Delhi 110001
General Circular No. 19/2021 | Dated: 08.12.2021
To,
The DGCoA,
All Regional Directors,
All Registrar of Companies, All Stakeholders.
Subject: Clarification of holding of Annual General Meeting (AGM) through Video Conference (VC) or Other Audio Visual Means (OAVM)-reg.
Sir/ Madam,
With reference to Ministry’s General Circular No. 20/2020 dated 05.05.2020 and General Circular No. 02/2021 dated 13.01.2021, it has been decided to allow the companies whose AGMs are due in the Year 2021, to conduct their AGMs on or before 30th June, 2022 in accordance with the requirements laid down in Para 3 and Para 4 of the General Circular No. 20/2020 dated 05.05.2020.
2. It is 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 (the Act) and the companies which have not adhered to the relevant timelines shall be liable to legal action under the appropriate provisions of the Act.
3. This issues with the approval of the Competent Authority.
Encl.: As above.
Yours faithfully,
(KMS Narayanan)
Deputy Director Tel.: 011-2338-7263
Copy to:
1. e-Governance Section and Web Content officer to place the Circular on MCA Website.
2. Guard File
