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The Tax Publishers General Circular General Circular No. 20/2020 [F. No. 2/4/2020-CL-V], dt. 05-05-2020 Clarification on holding of annual general meeting (AGM) through video conferencing (VC) or other audio visual means (OAVM) Several representations have been received in the Ministry for providing relaxations in the provisions of Companies Act, 2013 (the Act) or rules made thereunder to allow companies to hold annual general meeting (AGM) in a manner similar to the one provided in General Circular No. 14/2020, dated 08.04.2020 (EGM Circular I) and General Circular No. 17/2020 dated 13.04.2020 (EGM Circular Il), which deal with conduct of extraordinary general meeting (ECM). 2. In the meanwhile, by virtue of the General Circular No. 18/2020, dated 21.04.2020, the companies whose financial year ended on 31st December, 2019, have been allowed to hold their AGM by 30th September, 2020 3. The matter has been further examined and it is stated that in view of the continuing restrictions on the movement of persons at several places in the country, it has been decided that the companies be allowed to conduct their AGM through video conferencing (VC) or other audio visual means (OAVM), during the calendar year 2020, subject to the fulfillment of the following requirements :-- A. For companies which are required to provide the facility of e-voting under the Act, or any other company which has opted for such facility -- I. The framework provided in para 3 -A of EGM Circular - I and the manner and mode of issuing notices provided in sub-para (i)-A of EGM Circular - II shall be applicable mutatis mutandis for conducting the AGM II. In such meetings, other than ordinary business, only those items of special business, which are considered to be unavoidable by the Board, may be transacted. SUBSCRIBE FOR FULL CONTENT

The Tax Publishers

General Circular

General Circular No. 20/2020 [F. No. 2/4/2020-CL-V], dt. 05-05-2020

Clarification on holding of annual general meeting (AGM) through video conferencing (VC) or other audio visual means (OAVM)

Several representations have been received in the Ministry for providing relaxations in the provisions of Companies Act, 2013 (the Act) or rules made thereunder to allow companies to hold annual general meeting (AGM) in a manner similar to the one provided in General Circular No. 14/2020, dated 08.04.2020 (EGM Circular I) and General Circular No. 17/2020 dated 13.04.2020 (EGM Circular Il), which deal with conduct of extraordinary general meeting (ECM).

2. In the meanwhile, by virtue of the General Circular No. 18/2020, dated 21.04.2020, the companies whose financial year ended on 31st December, 2019, have been allowed to hold their AGM by 30th September, 2020

3. The matter has been further examined and it is stated that in view of the continuing restrictions on the movement of persons at several places in the country, it has been decided that the companies be allowed to conduct their AGM through video conferencing (VC) or other audio visual means (OAVM), during the calendar year 2020, subject to the fulfillment of the following requirements :--

A. For companies which are required to provide the facility of e-voting under the Act, or any other company which has opted for such facility --

I. The framework provided in para 3 -A of EGM Circular - I and the manner and mode of issuing notices provided in sub-para (i)-A of EGM Circular - II shall be applicable mutatis mutandis for conducting the AGM

II. In such meetings, other than ordinary business, only those items of special business, which are considered to be unavoidable by the Board, may be transacted.