Finally, the update for which we all were waiting is here. The Ministry has released an Office Memorandum on 23rd September, 2021 regarding the extension of due date of AGM by 2 months. Accordingly, the MCA has advised the ROCs to release order for their respective jurisdictions, providing for extension of due date of AGM by 2 months beyond the date by which companies are required to hold their AGM for the F.Y. 2020-21.
Points of consideration
- The due date is not extended upto 30th November, 2021 for all Companies. It is only for those Companies whose due date of conducting AGM is 30th September, 2021.
- The period of 2 months is to be calculated keeping in view the provisions of Section 96(1), more specifically, the provision of maximum gap of 15 months between 2 AGMs.
- No such extension is provided for first AGMs.
- There's no need of filing form GNL-1 to seek extension of due date of AGM.
- This extension also covers:
- Pending applications filed in form GNL-1, which are yet to be approved.
- Rejected applications filed in form GNL-1.
- Approved applications filed in form GNL-1, where the extension was approved for a period of less than 2 months.
- This extension shall not apply to those Companies which have already received extension of more than 2 months.
Illustration
|
Company |
Due date |
Extended due date |
|
A |
30th September, 21 |
30th November, 21 |
|
B |
25th September, 21 |
25th November, 21 |
|
C |
21st September, 21 |
21st November, 21 |
Disclaimer: The author is based in Jabalpur and is a Practicing Company Secretary dealing in Corporate, Legal & Taxation services. The information contained in this write up, as provided by the author, is to provide a general guidance to the intended user. The information should not be used as a substitute for specific consultations. Author recommends that professional advice is sought before taking any action on specific issues.
The author can also be reached at cstanveersaluja@gmail.com.
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