- Ministry of Corporate Affairs ("MCA"), on 5th May 2020 by notification, has allowed to hold Annual General Meeting ("AGM") through video conferencing/ other audio visual means ("VC/OAVM") till December 31, 2021 for the companies whose AGM were due to held in the year 2020 or 2021.
- In that regard, MCA clarified that above circular is relaxation to companies to hold AGM through VC/OAVM Mode and not an extension to hold AGM beyond regulatory timelines.
- It means that in cases, where companies allowed by authorities to hold AGM for the year 2020 in the year of 2021, the company may hold so virtually through VC/OAVM mode. Compulsion of holding AGM physical mode is not mandatory.
- MCA further clarified that companies which have not followed regulatory timelines are liable for legal action.
- To read MCA General Circular No. 2/2021 dated January 13, 2021, please click here.
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