EXTENDING THE ANNUAL GENERAL MEETING FOR NEXT YEAR

In response to the COVID-19 pandemic, the Ministry of Corporate Affairs has taken measures to alleviate the burden of company compliance on the corporate sector. These measures include partially opening up the industry. The Ministry of Corporate Affairs has received multiple representations requesting that companies be granted permission to extend the date of their annual general meetings (AGMs) for the current fiscal year. We will be discussing the extension of the agm date as well as its most important components in this piece. be familiar with agm Annual general meetings, often known as agms, are gatherings that take place once a year between the shareholders of a business and the board of directors of that firm. In most cases, this is the only time that the directors and shareholders will get together during the whole year. As a result, this gathering provides the directors with the opportunity to deliver the annual report of the firm. During an annual general meeting, what exactly takes place? An analysis of the company’s performance and a discussion of the company’s future plan are both conducted at an agm. During this meeting, shareholders will have the opportunity to question the board of directors, seeking answers for unsatisfactory performance, and challenging them over the direction the firm is headed in. • votes may also be reviewed at an annual general meeting, which gives shareholders the opportunity to vote on business decisions and replace any empty positions on the board of directors. • in addition, an annual general meeting is a moment to applaud strong results. Shareholders who would rather not attend the meeting have the option of voting by proxy, which may be done in a number of ways, including sending a proxy vote over the mail or granting authorization to another shareholder to vote on their behalf. Owing to the extensive implementation of COVID-19 and social distancing measures as well as severe constraints, the Manufacturing and Construction Association (MCA) has received a number of requests to permit businesses to extend their AGM date for the fiscal year that has just concluded. Regarding the convening of the annual general meeting using video conference, the matter was discussed in the context of the circular number that was released by the MCA on May 5, 2020. A clarification about the extension of the annual general meeting date for the fiscal year that ended on March 31, 2020 was published by the Ministry of Corporate Affairs (MCA) in general circular no. 28/2020, which was issued on August 17, 2020. have a deeper understanding of the specifics of the prolongation of the agm date.