Clarification of holding of AGM by Video Conference (VC) etc. in 2022 for FY ended any time before/on 31.03.2022 till 30th June 2022
The MCA has issued General Circular No. 20/2020 dated 05.05.2020, General Circular No. 02/2021 dated 13.01.2021 and General Circular No. 19/2021 dated 08.12.2021, clarifying the holding of Annual General Meeting (AGM) through Video Conference (VC) or Other Audio Visual Means (OAVM)
MCA vide Circular No. 21/2021 dated 14.12.2021 has decided to allow the companies who are proposing to organize AGMs in 2022 for the Financial Year ended/ending any time before/on 31.03.2022 through VC or OAVM as per the respective due dates by 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.
However, it has been 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.
- First-time experience in filing appeal a reasonable & bona fide cause for delay
- Non-disclosure of destination place in documents no ground for seizure u/s 129 of GST Act.
- Charging of exorbitant interest in commercial transactions not against morality or justice
- Assessees not required to prove “source of the source‟ of funds Prior to Finance Act 2022
- During pendency before settlement commission, assessee have right to contest assessment
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