News shortcuts: From the Courts | Top Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | Professional Updates | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax | PPE Safety Kit SITRA Approved | PPE Safety Kit
Professional Updates »
 Automation a key tool for biz to maximise efficiency in finance functions: Report - ET CIO
 Exposure Draft Guidance Note on Accrual Basis of Accounting (Last date of comments: October 18, 2020) hosted by Research Committee
 Reopening of Empanelment of Members to act as Observers for November, 2020 Examinations.
 Explanatory Note to the draft amendments in Regulations 4 and 19 of the Chartered Accountants Regulations, 1988 – Published vide Notification No.1-CA(7)/195/2020 in the Gazette of India dated 14th September, 2020, seeking objections/suggestions from public.
 Gazette Notification No. 1-CA(7)/195/2020 dated 14th September, 2020
 Registrar of Companies of various regions have extended the time for holding of Annual General Meeting (AGM) for the financial year ended on 2019-20 by three months from the due date
 Invitation of Comments on SEBI Consultation Paper on The Format for Business Responsibility and Sustainability Reporting
 Completion of MCS Course and Advanced IT Course through Virtual Mode as one-time measure due to COVID -19 by the students who have passed Final exam on or before November 2018 and were already registered in www.icaionlineregistration.org for physical mode training
 Notification no 1- CA (7)/ (194) /2020 for setting up a Branch of SIRC in Chengalpattu District under Regulation 159 (1A) of the Chartered Accountants Regulations, 1988
 Re-Opening of Online Filling up of Examination Application Forms for Chartered Accountants Examinations, November 2020.
 Frequently Asked Questions (FAQs) regarding Practical Training
 Relief Measures introduced in Insolvency Resolution Process in the country due to outbreak of COVID-19 Pandemic
 ICAI issues MSME Business Continuity Checklist - Outlook - New Delhi
 Rebooting MSMEs in the COVID-19 Era: ICAI issues MSME Business Continuity Checklist - Tax Scan
 Completion of MCS Course and Advanced IT Course through Virtual Mode as one time measure for students appearing for May 2021 Final course exam

Registrar of Companies of various regions have extended the time for holding of Annual General Meeting (AGM) for the financial year ended on 2019-20 by three months from the due date
September, 11th 2020
Corporate Laws & Corporate Governance Committee
The Institute of Chartered Accountants of India
10th September, 2020
ANNOUNCEMENT

Sub: Registrar of Companies of various regions have extended the time for holding of Annual General Meeting (AGM) for the financial year ended on 2019-20 by three months from the due date

During the challenging time for everyone, companies are no exception. Preparation of the financials and submission for audit is challenging. Derailment in the schedule has been taking place, particularly for small and medium unlisted companies. The employees, both at the end of the company and audit firm, have been finding it difficult to attend their regular office schedule. Moreover, full staff team is not allowed to attend at one go. In companies, stock and assets verification and valuation, confirmations and reconciliations of party balances, impairment loss measurement, etc. are also moving at a very slow pace. This has derailed finalisation of accounts and as a consequence, audit of accounts. Therefore, timelines provided in the Companies Act, 2013 for holding AGM and annual filings will be difficult to attain. This feedback is received from corporate sector.



Hence, extension of time for the same has been sought by the Companies

As per Section 96 (1) of the Companies Act, 2013, the Registrar may, for any special reason, extend the time within which any annual general meeting, other than the first annual general meeting, shall be held, by a period not exceeding three months

In this regard, the Ministry of Corporate Affairs (Registrar of Companies of various States) have issued order dated 8th September, 2020 across the country to extend the time for holding of Annual General Meeting (AGM) for the financial year ended on 2019-20 by three months from the due date by which AGM ought to have been held in accordance with section 96(1) of the Companies Act, 2013 without requiring the Companies to file applications for seeking such extensions through prescribed Form GNL-1.

Accordingly the Companies are not required to file Form GNL-1 for seeking extension.

Further, it has been clarified by the respective ROC’s that the extension shall cover the following:

  • Pending application filed in Form GNL-1 for the extension of AGM for the financial year ended on 31.03.20 which is yet to be approved.
  • Application filed in Form GNL-1, for the extension of AGM for the financial year ended on 31.03.20 which were rejected

The ICAI has also uploaded the circulars/orders issued by the Ministry of Corporate Affairs (ROC) on the website.

The details of various ROC’s which have issued the order on 08.09.20 are:

S. No. Registrar of Companies Link of the order at ICAI website
1. ROC, Maharashtra, Mumbai https://www.icai.org/resource/61116clcgc49711-8.pdf
2. ROC, Karnataka, Bengaluru https://www.icai.org/resource/61114clcgc49711-6.pdf
3. ROC, Gujarat, Dadra & Nagar Haveli https://www.icai.org/resource/61109clcgc49711-1.pdf
4. ROC, Punjab & Chandigarh https://www.icai.org/resource/61117clcgc49711-9.pdf
5. ROC, Uttar Pradesh, Kanpur https://www.icai.org/resource/61113clcgc49711-5.pdf
6. ROC, Hyderabad https://www.icai.org/resource/61112clcgc49711-4.pdf
7. ROC Kerala & Lakshadweep https://www.icai.org/resource/61115clcgc49711-7.pdf
8. ROC Delhi & Haryana https://www.icai.org/resource/61110clcgc49711-2.pdf
9. ROC Guwahati https://www.icai.org/resource/61111clcgc49711-3.pdf
10. ROC Maharashtra, Pune https://www.icai.org/resource/61119clcgc49715.pdf
11. ROC Tamil Nadu (Coimbatore) https://www.icai.org/resource/61123clcgc49711-coim.pdf
12. ROC Tamil Nadu (Chennai) https://www.icai.org/resource/61122clcgc49711-chennai.pdf
13. ROC Rajasthan https://www.icai.org/resource/61125clcgc49711-raj.pdf
14. ROC Madhya Pradesh https://www.icai.org/resource/61124clcgc49711-mp.pdf

Chairman and Vice Chairman

Corporate Laws & Corporate Governance Committee
Home | About Us | Terms and Conditions | Contact Us | PPE Kit SITRA Approved | PPE Safety Kit
Copyright 2020 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting