The Securities and Exchange Board of India vide its circular dated 23rd April 2020 has further relaxed compliance norms for certain companies for conducting their annual general meetings.
Under the Listing Obligations and Disclosure Requirements norms, top-100 listed entities by market capitalization are required to hold their annual general meetings within 5 months from the date of closing of the financial year. However, SEBI in its earlier circular dated 26th march 2020 has relaxed this requirement by One month for listed entities whose financial year ends on March 31, 2020.
Whereas The Ministry of Corporate Affairs in its circular dated 21st April 2020 has extended the date of AGM for companies whose financial year ended on December 31, 2019 till a period of nine months from the closure of the financial year. Therefore SEBI has also relaxed regulation 44(5) of LODR whereby the top 100 listed entities by market capitalization whose financial year ended on December 31, 2019, may hold their AGM within a period of 9 months from the closure of the financial year that is by September 30, 2020.
Click here to read the Circular.
