CS Anupriya Saxena
Quick Summary
Due to the threat posed by COVID-19, Companies are facing many challenges in conducting their businesses. One such challenge is to take the approval of its members/shareholders on the matters required to be passed as an ordinary or special resolution under the provisions of Companies Act, 2013 and r
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FAQ :
Yes, the Ministry of Corporate Affairs (MCA) has issued circulars allowing companies to conduct General Meetings, including Extra-Ordinary General Meetings (EGMs) and Annual General Meetings (AGMs), through video conferencing or other audio-visual modes during the calendar year 2020.
The key circulars include General Circular No. 14/2020 (April 8, 2020) on passing resolutions, General Circular No. 17/2020 (April 13, 2020) on sending notices for EGMs, and General Circular No. 18/2020 (April 21, 2020) which extended the AGM deadline for companies whose financial year ended December 31, 2019.
Notices should be sent via email IDs registered with the Company or Depository Participants. They must contain clear instructions on how to access and participate in the meeting, along with a helpline number for shareholders and information displayed on the company's website.
Appointment of proxies is not allowed for virtual general meetings. However, representatives of non-individual shareholders are permitted.
Remote e-voting facilities should be provided before the meeting date. During the meeting, voting by e-voting or show of hands is allowed for members who did not cast their votes remotely.
The joining period should be at least 15 minutes before and after the start of the meeting. The facility should allow at least 1000 members to join on a first-come, first-served basis (or 500 for companies not required to provide e-voting). Promoters, large shareholders, and other key individuals may be allowed to attend without being subject to the first-come, first-served basis.
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