MCA clarifies holding of AGM/EGM through VC or other Audio Visual Means and passing of Ordinary and Special resolutions by the companies
Ministry of Corporate Affairs has issued General Circular No. 09/2023 dated 25.09.2023 clarifying on holding of Annual General Meeting (AGM) and EGM through video Conference (VC) or other Audio Visual Means (OAVM) and passing of Ordinary and Special resolutions by the companies under the Companies Act, 2013
In past also clarification has been issued on the subject vide General circular No. 20/2020 dated 05.05.2020, General Circular No. 02/2022 dated 05.05.2022 and General Circular No. 70/2022 dated 28.72.2022.
Now again, it has been decided by MCA to allow companies whose AGMs are due in the Year 2023 or 2024, to conduct them through VC or OAVM on or before 30th September, 2024 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, the General Circular shall not be construed as conferring any extension of statutory time for holding of AGMs by the companies under the Companies Act, 2013 and the companies which have not adhered to the relevant statutory timelines shall be liable to legal action under the appropriate provisions of the Act.
Further, in continuation to General Circular No. 14/2020 dated 08.04.2020, General Circular No. 03/2022 dated 05.05.2022 and General Circular No. 11/2022 dated 28.12.2022 MCA has decided to allow companies to conduct their EGMs through video Conference (VC) or other Audio Visual Means (OAVM) or transact items through postal ballot in accordance with framework provided in the aforesaid Circulars up to 30th September, 2024.
All other requirements provided in the said Circulars shall remain unchanged.
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