Sub: Clarification on holding of AGM through VC (Video Conferencing) or OAVM (Other Audio Visual Means)
This is to inform you that Ministry of Corporate Affairs has issued Circular no. 02/2021 dated 13th January, 2021 wherein companies whose AGMs were:
- due to be held in the year 2020, or
- become due in the year 2021
are allowed to conduct their AGM on or before 31st December 2021 through Video Conferencing (VC) or Other Audio-Visual Means (OAVM) i.e. in accordance with the requirements as provided in paragraphs 3 and 4 of the General Circular No. 20/2020 dated 5th May, 2020.
Further, it has been clarified, that the circular shall not be considered as any extension of time for holding of AGMs by the companies under the Companies Act, 2013 and the companies which have not adhered to the relevant timelines shall remain subject to legal action under the Companies Act, 2013.
Circular is available at the link- http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo.02_14012021.pdf
Members may note the above.
Chairman and Vice Chairman
Corporate Laws & Corporate Governance Committee
The Institute of Chartered Accountants of India