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Corporate Laws Central Ministry of Corporate Affairs Companies Act, 2013

COVID-19 - Clarification on holding AGM through video conferencing or other audio visual means

05-May-2020 | General Circular No. 20/2020

MCA has allowed companies to hold their Annual General Meeting (AGM) through video conferencing or other audio visual means for the calendar year 2020, subject to fulfillment of certain requirements. For this purpose, it has categorized companies in two categories on the basis of provision of e-voting facility by companies and has listed the requirements for both the categories including:
(1) In such meetings, other than ordinary business, only those items of special business, which are considered to be unavoidable by the Board, may be transacted.
(2) Physical copies of the financial statements (including Board's report, Auditor's report or other documents required to be attached therewith), such statements shall be sent only by email to the members, trustees for the debenture-holder of any debentures issued by the company, and to all other persons so entitled.
(3) Before sending the notices and copies of the financial statements, etc., a public notice by way of advertisement be published in prescribed newspapers containing information as directed in the attachment.
(4) All other compliances associated with the provisions relating to general meetings viz making of disclosures, inspection of related documents/registers by members, or authorizations for voting by bodies corporate, etc as provided in the Act and the articles of association of the company are made through electronic mode.
(5) The companies which are not covered by the General Circular No. 18/2020, dated 21.04.2020 and are unable to conduct their AGM in accordance with the framework provided in this Circular are advised, by MCA, to prefer applications for extension of AGM at suitable point of time before the concerned Registrar of Companies under section 96 of the Act.

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