Clarification on holding of annual general meeting (AGM) through video conferencing (VC) or other audio visual means (OAVM)

Last updated: 09 May 2020
Quick Summary
The Ministry of Corporate Affairs (MCA) has issued a clarification allowing companies to hold their Annual General Meetings (AGMs) through video conferencing (VC) or other audio-visual means (OAVM) during the calendar year 2020. This is due to ongoing restrictions on physical movement. Specific requirements apply depending on whether the company provides e-voting facilities.

General Circular No. 20/2020 F.No. 2/4/2020-CL-V Government of India Ministry of Corporate Affairs 5thFloor, A Wing, Shastri Bhawan, Dr. R. R Road, New Delhi-110001 Dated: 5thMay, 2020 To All Regional Directors, All Registrar of Companies All Stakeholders Subject: Clarificat
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FAQ :

Yes, companies are allowed to conduct their AGM through video conferencing (VC) or other audio visual means (OAVM) during the calendar year 2020, subject to certain requirements.

Companies providing e-voting must follow the framework from EGM Circular-I and II for notices. Only unavoidable special business can be transacted, financial statements are emailed, and a public notice via advertisement is required.

Financial statements, including the Board's report and Auditor's report, should be sent only by email to members and other entitled persons due to difficulties in physical dispatch.

The public notice must state that the AGM will be via VC/OAVM, provide the date and time, mention the availability of the notice on the website, and explain how members can vote remotely or during the meeting.

These companies can hold AGMs via VC/OAVM if they have email addresses for at least half of their members, representing a significant portion of voting rights or share capital. They must also take steps to register remaining email addresses.

Companies not covered by General Circular No. 18/2020 and unable to conduct their AGM according to this circular should apply for an extension to their AGM to the concerned Registrar of Companies.

 

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Notification No : General Circular No. 20/2020
Published in Corporate Law
Source : http://www.mca.gov.in/Ministry/pdf/Circular20_05052020.pdf
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