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Caught in a pandemic, India Inc gets another three months to hold AGMs

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Firms will get time until December to hold their annual common conferences, a company affairs ministry official mentioned.

Registrars of Firms in Maharashtra, Punjab, Delhi, Kerala, Rajasthan, Karnataka, Uttar Pradesh and Gujarat have prolonged the September-end deadline by an extra three months, the official mentioned, including that each one different registrars will comply with swimsuit.

“Most RoCs could be offering an extension at their stage,” the official advised ET.

The transfer follows representations from corporations, trade teams {and professional} institutes highlighting the difficulties confronted in holding AGMs due Covid-19.

As per the Firms Act, corporations are required to hold AGMs inside six months of the closing of a monetary yr.

“This rest has been granted as a a part of Covid-19 aid as a result of the audit of the businesses couldn’t be accomplished in due time,” mentioned Amit Maheshwari, a companion at consulting agency AKM World.

RoCs obtained hundreds of purposes for extension of the AGM deadline by way of the GNL-1 kind, he added.

The extension will cowl all corporations which have GNL-1 purposes pending with the RoC and firms whose GNL-1 purposes for FY20 had been rejected.

In April, the ministry allowed corporations to conduct AGMs and extraordinary common conferences by way of videoconferencing or different audio-visual means in gentle of journey restrictions and different difficulties arising from the Covid-19 outbreak and lockdown.

Earlier than that, the ministry allowed board conferences to be held by way of these modes for comparable causes.

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