After receiving Several representations from stakeholders with regard to difficulty in holding annual general meetings (AGMs) for companies whose financial year ended on 31st December 2019 due to COVID-1 9.
Following Provision as per Companies Act, 2013 (Act) allows a company to hold its AGM within a period of six months (nine months in case of first AGM) from the closure of the financial year and not later than a period of 15 months from the date of last AGM.
On account of the difficulties highlighted above, it is hereby clarified that if the
companies whose financial year (other than first financial year) has ended on 31st December 2019, hold their AGM for such financial year within a period of nine months from the closure of the financial year (i.e. by 30th September 2020), the same shall not be viewed as a violation.