Due Date of AGM Extended by 2 Months
The Ministry has released an Office Memorandum on 23rd September, 2021 regarding the extension of due date of AGM by 2 months. Accordingly, the MCA has advised the ROCs to release order for their respective jurisdictions, providing for extension of due date of AGM by 2 months beyond the date by which companies are required to hold their AGM for the F.Y. 2020-21.
Points of consideration:
2. The period of 2 months is to be calculated keeping in view the provisions of Section 96(1), more specifically, the provision of maximum gap of 15 months between 2 AGMs.
3. No such extension is provided for first AGMs.
4. There’s no need of filing form GNL-1 to seek extension of due date of AGM.
5. This extension also covers:
a. Pending applications filed in form GNL-1, which are yet to be approved.
b. Rejected applications filed in form GNL-1.
c. Approved applications filed in form GNL-1, where the extension was approved for a period of less than 2 months.
6. This extension shall not apply to those Companies which have already received extension of more than 2 months.
Illustration:
| Company | Due date | Extended due date |
|---|---|---|
| A | 30th September, 21 | 30th November, 21 |
| B | 25th September, 21 | 25th November, 21 |
| C | 21st September, 21 | 21st November, 21 |