MCA extends the timeline for conducting AGM & EGM

The MCA has issued General Circular No. 09/2023, dated September 25, 2023, which extends the timeline for conducting Annual General Meetings (AGMs) and Extraordinary General Meetings (EGMs) via Video Conference (VC) or Other Audio Visual Means (OAVM), as well as passing Ordinary and Special resolutions by companies under the Companies Act, 2013, along with its associated rules, until September 30, 2024.

In alignment with previous Ministry circulars, specifically General Circular No. 20/2020 dated May 05, 2020, General Circular No. 02/2022 dated May 05, 2022, and General Circular No. 10/2022 dated December 28, 2022, and following a thorough review, companies scheduled to hold AGMs in 2023 or 2024 are permitted to conduct these meetings through VC or OAVM on or before September 30, 2024. This complies with the stipulations outlined in Paragraphs 3 and 4 of General Circular No. 20/2020 dated May 05, 2020.

However, it should be noted that this General Circular does not extend the statutory deadlines for AGMs as defined in the Companies Act, 2013. Companies failing to adhere to the statutory timelines may face legal action in accordance with the Act.

Additionally, in continuation of previous Ministry circulars, particularly General Circular No. 14/2020 dated April 08, 2020, General Circular No. 03/2022 dated May 05, 2022, and General Circular No. 11/2022 dated December 28, 2022, and following due examination, companies are also allowed to conduct their EGMs through VC, OAVM, or transact items through postal ballot in line with the frameworks outlined in the aforementioned circulars until September 30, 2024.