Whether AGM can be held through Video Conferencing for FY 2022-23

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	Blog Categories All Annual Filing Due Date Calendar As per Type of Co (1) Annual Filing Due Date Calendar- August to Novemb (1) EVERYTHING ABOUT ANNUAL FILING ONE PERSON COMPANY (1) EVERYTHING ABOUT DIRECTOR REPORT 2023 (1) GUIDANCE FOR ANNUAL FILING 2022-23 (2) GUIDANCE FOR PREPARATION OF DIRECTORS’ REPORT (1) Quick Bites- Directors Report 2023. (1) Whether AGM can be held through Video Conferencin (1) Whether Financial Statement can be approved in B (0) Annual Filing 2023 > Whether AGM can be held through Video Conferencin Whether AGM can be held through Video Conferencing for FY 2022-23 Category: Whether AGM can be held through Video Conferencin, Posted on: 11/08/2023 , Posted By: CS Divesh Goyal Visitor Count:1156 Whether AGM can be held through Video Conferencing for FY 2022-23 [1]General Circular Dated 28.12.2022. (10^th August 2023) SHORT SUMMARY: In this editorial, the author shall discuss the Quick bites on 'Holding of the AGM through Video Conferencing'. As we have received numerous questions from our professional colleagues through WhatsApp groups “Gyan Gurukul”, inside this editorial we have attempted to clarify all those questions relating to 'Holding of the AGM through Video Conferencing'. Annual General Meeting: As there are no provisions under the Companies Act in relation to holding of AGM through Video Conferencing. First time to facilitate, the companies and businesses in India, The Ministry of Corporate Affairs (MCA) has now allowed companies to hold their Annual General Meeting (AGM) by Video Conferencing (VC) or other audio visual means (OAVM) during the calendar year 2020 amidst the COVID-19 crisis. MCA has issued a circular dated May 05, 2020‘AGM Circular in line with the relaxations provided under the EGM Circulars to hold AGMs through VC/ OAVM. However, as today there is no situation like COVID. So the first question arise. Que 1: Whether companies can hold their AGM through video conferencing for the FY ended March 31, 2023? (DG) Ans 1: As there is no situation like COVID in 2023, However, MCA has still issued one circular on December 28, 2022, and allowed companies to hold their AGM for the FY ended March 31, 2023, through video conferencing. Condition if Companie holds their AGM on or before September 30, 2023. (DG) Que 2: if the company holds an AGM after September 30, 2023, by taking an extension from ROC. Whether the company can hold an AGM through VC?? (DG) Ans 2: As per the circular, the company can use the video conferencing facility for the AGM only until September 30, 2023. If they hold an AGM after September 30, then there is only one option, i.e., a physical AGM. (DG) Note: It is advisable for all corporations. If you want to hold an AGM through VC due to any circumstance, Hold it on or before September 30. QUICK BITES: Que 1: Which Companies can hold AGM through Video Conferencing? (DG) Ans 1: All the Companies (OPC, Small, Private, Public, Listed, Section -8, Nidhi etc) can hold their AGM through Video Conferencing for F.Y. ended 31.03.2023. (DG) Que 2: Whether the Public Sector banks can hold their AGM through Video Conferencing? (DG) Ans 2: As the circular is applicable only on the Companies, therefore the public sector bank can’t hold their AGM through video conferencing. (DG) Que 3: Whether recorded transcript of the meeting is mandatory? (DG) Ans 3: In the case of a Public Company, the recorded transcript of the meeting, shall as soon as possible, be also made available on the website (if any) of the Company. In case of Private limited Company, it is not mandatory. (DG) Que 4: Whether it is mandatory to hold AGM through VC? (DG) Ans 4: It is choice of Company by which mode they want to hold the AGM. Companies have both the option Physical and Video Conferencing. (DG) Que 5: In case of a Private Limited Company having 2 individual shareholders residing out of India. Whether they can appoint proxy to attend the physical AGM in India? (DG) Ans 5: As per the provisions of the Act, Proxy shall not be counted for quorum. Therefore, individual shareholders can’t complete AGM with the presence of proxy only. (DG) Que 6: Whether proxy can be appointed to attend the AGM conducted through VC? (DG) Ans 6: Proxy are not allowed to attend AGM held through Video conferencing. (DG) Que 7: Which resolution is required to file with the ROC in e-form MGT-14? (DG) Ans 7: All the resolutions (ordinary or Special), passed in accordance with this mechanism shall be filed with the ROC within 60 days of the Meeting. (DG) Que 8: Member attending AGM through VC shall be counted for quorum, or no? (DG) Ans 8: Member attending through VC shall be counted for quorum. (DG) Que 9: Whether a member can attend through Teleconference (without Video? (DG) Ans 9: As per the provision of VC, there should be both the things Audio plus video. A member can’t join only by single mode. (DG) Author – CS Divesh Goyal, GOYAL DIVESH & ASSOCIATES Company Secretary in Practice from Delhi and can be contacted at csdiveshgoyal@gmail.com). Disclaimer: The entire contents of this document have been prepared based on relevant provisions and as per the information existing at the time of the preparation. Although care has been taken to ensure the accuracy, completeness, and reliability of the information provided, I assume no responsibility, therefore. Users of this information are expected to refer to the relevant existing provisions of applicable Laws. The user of the information agrees that the information is not professional advice and is subject to change without notice. I assume no responsibility for the consequences of the use of such information. IN NO EVENT SHALL I SHALL BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM, ARISING OUT OF OR IN CONNECTION WITH THE USE OF THE INFORMATION [1]https://www.mca.gov.in/bin/ebook/dms/getdocument?doc=MjMxNjg0MTE1&docCategory=Circulars&type=open Disclaimer: The content of the blog does not create any responsibility of the firm / its authorized persons whose website is being accessed. The blog is not for legal use. Kindly verify the correctness of data/contents from your own sources. This is only for information purpose. Add a Comment Name: Your Comment: View Comments (0)

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