Bonjour, new guests from small-town India
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
In another significant relief for India Inc in the current pandemic times, the Ministry of Corporate Affairs (MCA) has allowed companies to hold their Annual General Meetings (AGMs) scheduled for 2021 through video conferencing (VC) or other audio-visual means (OAVM) till December-end.
This dispensation will also be available for AGMs that were due to be held in 2020 and where companies had obtained individual extension from the Registrar of Companies (RoC).
Last August, the MCA had granted more time to companies that had not been able to hold their AGMs for FY20. This was allowed so long as they filed a separate application for this purpose before the concerned RoC. Most RoCs had allowed extension till December 31, 2020.
Although the MCA has now allowed AGMs to be conducted through VC on or before December 31, 2021, it has in the latest circular made it clear there is no blanket extension this time round for companies, especially for those that had to conduct AGMs by December 31, 2020. Suppose a company has not held its AGM in 2020 and not got an extension from the RoC to hold it beyond December 31, 2020, then such companies cannot hold it now. If they still do it, then legal action can be initiated by MCA, company law experts said.
Under Companies Act, 2013, the AGM has to be conducted within six months of the end of the financial year and not later than a period of 15 months from the date of the last AGM. In the wake of the Covid-induced lockdown, the MCA had from time to time given relaxations as regards regulatory compliances.
Commenting on the MCA move, SN Ananthasubramanian, former President of the Institute of Company Secretaries of India, said this was a relevant and appropriate step in the current circumstances and in keeping with the times.
Shinoj Koshy, Partner, L&L Partners, said: “Extending the order allowing AGMs be held through VC and OAVM is a positive move. Despite the vaccine it is important to continue to follow pandemic related safety protocols. This will allow companies to offer VC and OAVM participation modes to shareholders and behave as responsible corporate citizens doing their bit in avoiding super spreader events.”
Manish Gupta, Partner, IndusLaw, said this would help the companies fulfil their statutory obligations in the current Covid scenario, especially when the MCA does not intend to extend the timelines to hold AGMs any further.
Vidisha Krishan, Partner, MV Kini & Co, said: “In the light of the continued Covid-19 situation this is a logical extension of the VC relief measures taken so far. I feel this is a necessary continuation of the flexibility and will continue till even the residual effects of the pandemic remain.”
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
Citroen’s first vehicle sports a novel design and European interiors. It is also meant to be as comfortable as ...
The pandemic is only the tip of the iceberg that the country’s cash-poor airlines — both regional and national ...
The government is yet to specify the framework of its recently announced old vehicle scrappage policy
Here is a checklist that equips you to discern the market nuances
Sensex, Nifty 50 have witnessed sharp decline
The fund has consistently outperformed S&P BSE 100 TRI over one, three and five years
Returns are superior to immediate annuity plans, but SCSS can secure better rates for new investors sooner if ...
With the public looking beyond mainstream media for reports from the ground, independent digital platforms are ...
While Supreme Court has cleared the way for women seeking longer tenures and senior roles in the Indian Army, ...
Mughal Gardens in the Capital open to visitors — albeit with Covid-19 protocol — for the annual Udyanotsav
Salty, buttery, cheese coated or with maple syrup and bacon — popcorn is lending its adaptable self to gourmet ...
Its name is the starting point of a brand’s journey and can make a big difference in the success sweepstakes
Sober spirits are the in thing
A peek into where ad spends went last year and where they are headed tomorrow
Can Swiggy Instamart disrupt the ecommerce groceries space, currently ruled by the Amazons and Big Baskets? ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor