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Holding AGM & EGM extended through VC extended till 30th Sep 2023

The Ministry of Corporate Affairs (MCA) has previously released General Circular No 10/2022 and 11/2022 in respect of clarification of holding AGM & EGM through video conferencing (VC). However, as per the recent update given in Circular No 10-11 dated 28.12.2022 by MCA, it has come to notice that time period of holding AGM/EGM or passing ordinary/special resolution through Video Conferencing till 30th September 2023. Therefore, now the time of holding AGM & EGM through VC extended to 30th September 2023.

After coming up with this new update of the extension of AGM & EGM due date, we can conclude that a company wishing to hold a general meeting may it be an extraordinary general meeting (EGM) or annual general meeting (AGM) can now be conducted.

One must note that the extension is given for the time for the mode of holding of AGM. So, it does not mean that the AGM can be conducted in the next year i.e. 2023. No, AGM shall necessarily be conducted till 30th September 2022 as there is no such provision given by MCA for AGM extension.

All in all, where the annual or extraordinary general meeting is conducted through the mode of video conferencing, the extension is 30th September 2023.

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Additional Information

What is AGM?

AGM is known to be “Annual General Meeting” which is required to be conducted once in every year by every company registered under ROC (Registrar of Companies). The purpose of conducting an AGM is to allow the shareholders to vote both on company’s issues as well as on the selection of the company’s board of directors.

As per the Companies Act 2013, every company must hold an annual general meeting to discuss the necessary aspects of the company. Except for One Person Company (OPC) every company shall hold an Annual General Meeting.

Moreover, in case of first annual general meeting, the company can hold AGM in less than nine months from the end of first financial year. One must make sure that the time gap between two annual general meetings should not exceed 15 months.

What is EGM?

EGM is known to be “Extraordinary General Meeting” which is held other than the annually held general meeting. Where an urgent matter is to be decided then, a meeting can be conducted on shorter notice. So, an egm may be called to deal with any of the following:

  • Removal of executive
  • Legal matter to discuss on
  • Urgent matter that needs to be discussed before the next annual general meeting

Conclusion

This was all about the recent update by MCA regarding the due date for holding AGM and EGM. For any Company Registration related query, stay tuned with EAdvisors. We will be there to provide you with free solution to all your queries. So, do not wait and consult us for availing best of Company Registration and its compliance-related services. Know more of the update directly from the legal department.
Hope you are obtaining sufficient knowledge.

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