Extension of AGM, CFSS & Filing of Financial Statements & Annual Returns- Clarification

• December 21, 2020
• CA Chandan Agarwal's Office

Clarification And Impact Regarding Extension of AGM, CFSS And Filing of Financial Statements & Annual Returns

In order to provide relaxation in compliance of various provisions of the Companies Act, 2013 due to the outbreak of Coronavirus, the Ministry of Corporate Affairs had extended the Companies Fresh Start Scheme, 2020 and the LLP Settlement Scheme, 2020 vide General Circular Nos 30/2020 & 31/2020 dated September 28, 2020 and in the same month all the jurisdictional RoCs granted a general extension in the time limit for holding AGM for the year 2020. As the deadline of the Schemes are nearing, many questions are arising related to extension of AGM and the scheme. This write up makes an attempt to provide a suitable solution to all those questions.

Q. Is 31st December, 2020 the “general due date of AGM” for all companies? 

Ans. No.cSection 96(1) and the first proviso, the AGM shall be held within 15 months from the date of last AGM or within six months from the closure of the financial year (i,e 30th September, 2020) whichever is earlier. Due to COVID-19 outbreak, on 8th September all the ROCs granted extension of the due date by further three months from the original due date. For example, ABC Limited held its AGM on 15th July, 2019 in the previous calendar year, the due shall be earlier of 14th September, 2020 or 30th September, 2020, and that comes 14th September, 2020, and after considering the extension by ROC, company can hold AGM is 14th December, 2020. So, the due date will differ for all companies.

Read more on: https://taxguru.in/company-law/extension-agm-cfss-filing-financial-statements-annual-returns-clarification.html