: GCCI seeks Dec 31 last date for holding AGM #FinanceIndia #StockMarketNEWS #Business NT NETWORK Panaji With pandemic badly affecting the functioning of small and medium sized companies in the

@StockMarketNEWS Mon 27 Sep, 2021

Posted in: #Business #FinanceIndia #StockMarketNEWS

GCCI seeks Dec 31 last date for holding AGM #FinanceIndia #StockMarketNEWS #Business
NT NETWORK

Panaji

With pandemic badly affecting the functioning of small and medium sized companies in the state, the GCCI has requested for extension in the timeline until December 31, for holding annual general meeting (AGM) for the financial year 2020-21.

Presently the last date for companies to hold the AGM is on or before September 29.

In a memorandum submitted to the Finance Minister, Nirmala Sitharaman, GCCI sought the extension due to COVID-19 exigencies. According to the industry body, companies are facing a big challenge financially as well as through the loss of key support personnel. Many of the offices are not fully functional and are not working with their full staff strength. Further there is also the possibility of a third COVID wave in the near future.

The memorandum signed by Ralph de Sousa, president, GCCI, says that, several small companies have not completed their accounting and auditing formalities due to practical difficulties and therefore cannot convene the AGM within the deadline date.

“Although legally, board meetings and the AGM can be held through video conferencing many small and medium sized companies still continue to hold physical meetings. Due to the continuing travel restrictions, especially in neighbouring states, it is difficult for the directors and shareholders especially the senior citizens or people with health issues to make it to the meetings,??? it says.

A provision in the Companies Act allows companies to seek extension in the timeline for holding the AGM by calling a board meeting, passing of board resolution, filing form GNL-1 with the registrar and paying the requisitefees.

GCCI said that, looking at the time-consuming process it is not feasible for every company to go through it and therefore “we hope that you will find merit in considering grant of general extension of time for holding AGM to all companies.???

Recently the Institute of Company Secretaries of India had also written to the Ministry of Corporate Affairs to extend the timeline for holding of AGM till December 31 2021.

GCCI has also forwarded a copy of the memorandum to the Registrar of Companies, Goa.
The post GCCI seeks Dec 31 last date for holding AGM appeared first on The Navhind Times.