In this series of editorial, the author shall discuss the Quick bites on ‘Extension of AGM for the f.y. 2019-20”.
After receiving copious questions from our professional colleagues through our WhatsApp groups “Google Form”, inside this editorial, we have ventured to clarify all those questions received till date relating to the ‘Extension of AGM’.
|1.||Whether the Companies are required to file any form with the ROC for the f.y. 2019-20 for the extension of the AGM?
As per the general relaxation given by the ROC under the MCA guidance for the f.y. 2019-20, there is no obligation to file any form with the ROC for the extension of the AGM.
|2.||Whether the Companies are required to pass any Board/ Shareholder resolution for the extension of the AGM?
For the f.y. 2019-20, due to the general relaxation given by the ROC/ MCA, there is no obligation to pass any resolution for the extension of the AGM.
|3.||How one calculate the due date of the AGM?
As per section 96(1) and first proviso, the due date of holding of the AGM is earlier of the following:
|4.||Whether all the Companies can hold their AGM for 2019-20 till December 31, 2020, due to the general exemption?
As per the exemption, ROC has given the extension for holding of the AGM by 3 months from the due date of the AGM.
The due date is required to be calculated as per question No. 3. Therefore, it shall be wrong to say that the extension is given to all companies to hold their AGM till December 31, 2020.
|5.||Whether the financial statements of the Companies can be signed after September 30, 2020, due to the extension of the AGM?
As per Company Law, Companies are required to approve the financial statements in the AGM. If the Company holds the AGM on any date after September 30, 2020, then in such cases the Financial statements can also be signed on or after September 30, 2020.
|6.||What shall be the due date of filing of AOC-4 for the f.y 2019-20, if the date of AGM is December 31, 2020?
In this case, the due date for filing of AOC-4 shall be January 30, 2021.
|7.||What shall be the due date of filing of MGT-7 for f.y. 2019-20, if the date of AGM is December 31, 2020?
In this case, the due date for filing of MGT-7 shall be March 01, 2021.
SIr, if we have conducted our AGM on 12.10.2020. so, while filing form MGT-7 and AOC-4 what date we will put on the due date of agm and what radio button we will click on the point whether extension for AGM granted or not?
Write Due date of AGM as 30th September 2020. and click NO on the extension as the extension is not applied by you.
Point No.7 is Wrong as per my view. The Concerned ROC has clearly excluded the extension to Companies holding their 1st AGM and apart from that there is no chance for conducting AGM beyond 30.09.2020.
Its just my View, I may be wrong.