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ELPs Business Continuity Series Indian companies allowed to hold AGMs

ELPs Business Continuity Series Indian companies allowed to hold AGMs

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ELPs Business Continuity Series Indian companies allowed to hold AGMs

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  1. ELP’s Business Continuity Series ELP’s Business Continuity Series - Update Indian companies allowed to hold AGMs vide VC / OVAM due to COVID-19 May 6, 2020 In a major relief to India Inc., MCA has now allowed holding of annual general meeting (AGMs) by way of video conferencing (VC)/ other audio-visual means (OVAM) means during the calendar year 2020. As you are already aware, MCA had recently allowed holding of extra-ordinary general meetings (EGMs) through VC/ OVAM, vide the General Circular No. 14/2020 dated April 8, 2020 (available here) and General Circular No. 17/2020 dated April 13, 2010 (available here) (collectively EGM Circulars). Different process has been provided for holding of AGMs by: ▪companies which are required to provide the facility of e-voting under the Companies Act, 2013 or any other company which has opted for such facility; ▪companies which are not required to provide the facility of e-voting under the Companies Act, 2013. Certain important factors for companies to hold AGMs through VC/OVAM, inter alia, are: ▪Framework provided in EGM Circulars will be mutatis mutandis applicable for holding of AGMs; ▪For companies which are not required to provide the facility of e-voting under the Companies Act, 2013, AGMs through VC/OVAM means can only be conducted, if it has in its records, email addresses of at least half of its total members, who, in case of companies having share capital, represent not less than 75% of such part of the paid-up share capital as gives a right to voting at the meeting. Different requirements are provided for companies not having share capital and Nidhi companies; ▪Other than ordinary business, only those items of special business, which are considered to be unavoidable by the board, may be transacted; ▪Financial statements, auditor’s report or other documents required to be attached therewith shall be sent only by email to the required persons; ▪Public notice must be given in the manner provided therein. Detailed process is provided in the General Circular No. 20/2020 dated May 5, 2020 (available here). We trust you will find this an interesting read. For any queries or comments on this update, please feel free to contact us at insights@elp-in.com Note: This update is one amongst a series Business Continuity articles which ELP has instituted in light of COVID-19. To read our other updates please click here. Disclaimer: The information provided in this article is intended for informational purposes only and does not constitute legal opinion or advice. Readers are requested to seek formal legal advice prior to acting upon any of the information provided herein. This article is not intended to address the circumstances of any individual or corporate body. There can be no assurance that the judicial/quasi-judicial authorities may not take a position contrary to the views mentioned herein. © Economic Laws Practice 2020

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