Companies Act does not have any specific provisions related to holding shareholders’ meetings through video conferencing or audio visual mode. During COVID-19, MCA allowed holding of AGM or EGM through video conferencing of other audio visual means through Circular No. 14/2020 dated 8th April, 2020 and Circular No. 20/2020 dated 5th May, 2020.
Corporates are using the technology of video conferencing for conducting its board meetings and coming out with more collective and objective decision-making with wider participation of directors. The benefits of participation by video-conferencing are cost savings, more productivity, time-saving in terms of reaching the venue of meeting, particularly when the concerned director(s) is/are located in another city or even another country, etc.
Considering the special reasons of COVID-19 and in pursuance of power given under section 96(1) of the Companies Act, the Registrar of the company has extended the due date of holding AGM by 3 months for the year ended on 31.03.2020 without any requirement of filing GNL-1.
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