The Ministry of Corporate Affairs has clarified that if the companies whose financial year (other than first financial year) has ended on 31st December, 2019, hold their Annual General Meeting (AGM) for such financial year within a period of nine months from the closure of the financial year (i.e. by 30th September, 2020), the same shall not be viewed as a violation. The references to due date of AGM or the date by which the AGM should have been held under the Act or the rules made thereunder shall be construed accordingly.
[Source: General Circular No. 18/2020 dated 21st April, 2020]
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