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Corporate Laws Central Ministry of Corporate Affairs Companies Act, 2013

Clarification on conducting Annual General Meetings (AGMs) and Extraordinary General Meetings (EGMs) through video conferencing (VC) or other audio-visual means (OAVM) for the passing of ordinary and special resolutions

25-Sep-2023 | General Circular No. 09/2023

Ministry of Corporate Affairs has issued a Circular providing clarification on conducting Annual General Meetings (AGMs) and Extraordinary General Meetings (EGMs) through video conferencing (VC) or other audio-visual means (OAVM) for the passing of ordinary and special resolutions. According to the Circular, companies with AGMs due in the years 2023 or 2024 are permitted to hold their AGMs through VC or OAVM until 30th September 2024, in compliance with the requirements outlined in Paragraphs 3 and 4 of the General Circular No. 20/2020 dated 05.05.2020. However, it's important to note that this General Circular should not be interpreted as an extension of the statutory time frame for holding AGMs as per the Companies Act, 2013. Companies failing to adhere to the relevant statutory timelines may face legal action under the appropriate provisions of the Act. Furthermore, as an extension of earlier circulars (General Circular No. 14/2020 dated 08.04.2020, General Circular No. 03/2022 dated 05.05.2022, and General Circular No. 17/2022 dated 28.07.2022), companies are also allowed to conduct their EGMs through VC or OAVM or transact items through postal ballot until 30th September 2024. All other requirements specified in these Circulars shall remain unchanged.

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