The Ministry of Corporate Affairs vide its notification dated 23rd September 2021 extended the time for holding of AGM for the Financial Year ended on March 31, 2021, considering the difficulties being faced by the companies, due to second wave of Covid-19 and consequent lockdown.
Accordingly, it has been decided to advise the Registrar of Companies (RoCs) to accord approval for extension of time for a period of two Months beyond the due date by which companies are required to conduct their AGMs for the financial year 2020-21 ended on 31st March 2021.
As per Section 96 of the Companies Act, 2013 every company other than a one person company shall in each year hold an Annual General Meeting of its shareholders and not more than fifteen months shall elapse between the date of one annual general meeting of the company and that of the next.
Provided that the first annual general meeting of the Company shall be held within nine months of the closing of the financial year and subsequent annual general meetings shall be held within six months of the closing of the financial year.
However, based on the representation received from the companies, seeking extension of time for holding Annual General Meeting, MCA has granted extension of time for a period of two months, which means the companies now have time till the end of November 2021 to hold the AGM.
