In view of the representations submitted by The Institute of Company Secretaries of India for extending the time for holding the annual general meeting (AGM) for the year ending March 31 due to the Covid-19 pandemic, the Ministry of Corporate Affairs (MCA) has considered the request and granted an extension of 3 months from the due date of holding such AGM.
The press release issued by the Nagpur branch of ICSI said ICSI had made several representations and had specifically highlighted the practical difficulties faced by professionals in completing the audit formalities of financial statements, which are a pre-requisite for convening the AGM.
Due to the Covid-19 pandemic and the ensuing lockdown, physical verification and complying with other compliances under the Companies Act 2013, had become difficult and every company could not have been able to file for the extension of the AGM. Thus, an extension of the due date was the need of the hour, stated the press release.
Meanwhile, president of ICSI Ashish Garg, President ICSI said the move will definitely promote the objectives of EODB in India Inc.