MCA EXTENDS HOLDING OF AGM THROUGH VC OR OAVM TILL 30TH JUNE,2022
MCA Extends holding of Annual General Meeting through Video Conference (VC) or Other Audio Visual Means (OVAM). The Ministry of Corporate Affairs vide its General Circular No 19/2021 dated 08.12.2021 has allowed the Companies whose AGMs are due in the year 2021, to conduct their AGMs on or before 30th June 2022 in accordance with the requirements laid down in Para 3 and Para 4 of the General Circular No. 20/2020 dated 05.05.2020.
It has further been clarified that the aforementioned extension shall not be construed as conferring any extension of time holding of AGMs by the companies under the Companies Act, 2013.
Accordingly, the companies which have not adhered to the relevant timelines shall be liable to legal action under the appropriate provisions of the Act.
The MCA’s Circular No. 20/2020 dated 5th May, 2020 has allowed the companies to hold Annual General Meeting (AGM) in a manner similar to EGM Circular- l & II which deal with conduct of Extraordinary General Meeting (EGM) and by virtue of the same the companies have been allowed the holding of Annual General Meeting (AGM) through Video Conferencing (VC) or Other Audio Visual Means (OAVM).
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