The Ministry of Corporate Affairs vide its notification dated 15th June 2020 has allowed companies to conduct their Extraordinary General Meetings through Video Conferencing (VC) or other audio visual means (OAVM) or transit items through ballot in upto 30th September 2020.
The MCA in its earlier circular dated 8th April 2020 has allowed listed companies or companies with 1,000 shareholders or more which are required to provide e-voting facility under the Companies Act, 2013 to conduct EGM through VC/ OAVM and e-Voting. For other companies, a highly simplified mechanism for voting through registered emails has been put in place for easy compliance.
The companies using this option are required to maintain a recorded transcript of the entire proceedings in safe custody, and public companies are also required to host this transcript on their website for greater transparency. Further, all resolutions passed through this framework will be required to file with the RoC within 60 days, so that such resolutions may be viewed publicly. Other safeguards have also been included in the Circular to ensure transparency, accountability, and protection of the interests of investors.
Click here to read the notification.
