MCA clarifies that where AGMs are scheduled for 2023, companies can hold them using VC/ OAVM until September 30, 2023.
However, the MCA has reiterated that this clarification/circular is not intended to extend the deadline, and the companies will continue to face legal action for non-adherence to timelines, as may be applicable, under the Companies Act, 2013.
MCA General Circular 10/2022 dt. 28/12/2022: Clarification of holding of annual general meeting (AGM) in 2023 through video conferencing (VC) or other audio visual means (OAVM)
1. In continuation of this Ministry’s General Circular No. 20/2020, dated 05/05/2020 and General Circular 02/2022 dt. 05/05/2022, and after due examination, it has been decided to allow companies whose AGMs are due in the year 2023, to conduct their AGMs on or before 30/09/2023, in accordance with the requirements provided in paragraphs 3 and 4 of the General Circular No. 20/2020 dt. 05/05/2022.
2. It is clarified, that this Circular shall not be construed as conferring any extension of time for holding of AGMs by the companies under the Companies Act, 2013, and the companies which have not adhered to the relevant timelines shall remain subject to legal action under the Companies Act, 2013.