MCA extended AGM date for all companies to 31st December, 2020 on account of Covid 19 impact. Many SME’s were suffering from holding Board Meetings for approval of financial statements & thereafter approaching auditors for signing has got required relief.
MCA earlier advised companies to apply for individual extension of AGM, requiring companies to state reasons for their inability to hold AGM even by using VC mode. Many companies were facing difficulties even to apply for AGM extension.
MCA has rightfully analyzed the situation and first time in the its history granted exemption to all companies, those who have applied or those who has refused extension or even those who could not apply to hold AGM on or before 31st December 2020.
In order to deal with a situation of amending the companies act to provide general extension, MCA advised each Registrar of Companies, to issue order and grant extension of 3 months to each company ( except OPC) falling under its jurisdiction.
Above Post is subject to Disclaimer