Announcement regarding MCA has issued Clarification on holding of Annual General meeting through video conferencing or other audio-visual means by CL&CGC ICAI
May, 19th 2020
MCA has issued Clarification on holding of Annual General meeting through video conferencing or other audio-visual means
[Refer MCA General Circular Nos. (i) 20/2020 dated 5th May, 2020 (AGM Circular), (ii) 14/2020, dated 08.04.2020 (EGM Circular - I) and (iii) 17/2020 dated 13.04.2020 (EGM Circular - ll)]
Section 96 (2) of the Companies Act, 2013 (the Act) requires that every annual generalmeeting shall be called and shall be held either at the registered office of the company or atsome other place within the city, town or village in which the registered office of the company is situate subject to the conditions.
However, the Ministry of Corporate Affairs (the MCA) has allowed companies to hold annualgeneral meeting (AGM) in a manner similar to the one provided in, which deal with conduct of extraordinary general meeting (EGM) and by virtue of the same the companies have been allowed the holding of annual general meeting (AGM) through video conferencing (VC) or other audio visual means (OAVM).
Further, companies whose financial year ended on 31st December, 2019, have already been allowed to hold their AGM by 30th September, 2020 as per General Circular No. 18/2020 dated 21.04.2020.
In view of the continuing restrictions on the movement of persons at several places in the country, it has been decided that the companies be allowed to conduct their AGM through video conferencing (VC) or other audio visual means (OAVM), during the calendar at year 2020, subject to the fulfilment of the following requirements: