Extension of time for Holding of AGM & EGM through VC

SHORT SUMMARY

MCA has issued General Circular No 2/2022 and 3/2022 in respect of clarification of holding of AGM & EGM through Video Conferencing (VC).

• MCA has first time issued circular vide No. 14/2020 on 08.04.2020 in respect of holding of EGM through Video Conferencing and Circular No. 20/2020 dated 05.05.2020 in respect of holding of AGM through Video Conferencing.
• After that so many circulars have been issued by MCA till Circular No. 20-21/2021 dated 8.12.2021 and 14.12.2021 in respect of extension of time of Holding of AGM and EGM through VC.
• In the last two circulars (as mentioned above) MCA has allowed Companies to hold their AGM/ EGM through VC till 30^th June 2022.

RECENT CIRCULAR

In the recent Circular No 2-3 dated 05.05.2022 MCA has extended Time period for holding of AGM / EGM or passing of Ordinary/ Special Resolution through Video Conferencing till 31^st December 2022.

EFFECT

According to these circulars, any type Company wants to hold their General Meeting through Video Conferencing;

• EGM can be held through VC till 31^st December 2022 for passing of any type of Ordinary and Special Resolution
• AGM can be held through VC for the FY ended 31 March 2022 or any previous financial years till 31^st December 2022 for conducting of any Special or ordinary business.

QUESTIONS

If Company holds their AGM through Video Conferencing, can they hold their AGM for FY ended 31.03.2022 upto 31^st December 2022?

MCA has extended the time for mode of holding of AGM. Due date of AGM has not been extended. AGM should hold till 30^th September 2022.

In which situations company can hold their AGM through Video Conferencing for FY 31.03.2022 after 30 September till 31^st December?

Company having the opportunity to hold their AGM through VC till 31^st December 2022. However, in below-mentioned situation company can hold AGM after 30^th September:

1. If Company has taken extension for holding of AGM from Registrar of Companies.
2. If Company unable to hold AGM till 30^th September and hold after 30^th September (this shall be considered as noncompliance under Law and company required compounding for the same).

Also Read:

• MCA issued clarification on holding of AGM through Video Conference or Other Audio-Visual Means
• Clarification on passing of Ordinary and Special resolutions under Companies Act 2013 on account of COVID-19 extension