COVID-19 effect: Telangana firms get extension for conducting annual general meeting

HYDERABAD: In view of the hurdles created by the Covid pandemic, the Registrar of Companies for Telangana under the Ministry of Corporate Affairs on Tuesday granted a three-month extension to companies from the State to hold their annual general meeting (AGM) for the financial year that ended on March 31, 2020. 

The extension order will also cover those companies who filed applications for the extension of AGM, and those whose applications for extension were rejected by the Registrar. "This common order issued by the Registrar for three months' extension of time for holding AGM would benefit such companies as they would not be required to file individual applications before the Registrar of Companies for extension of time for holding their AGM," said Josekutty VE, the Registrar of Companies for Telangana. 

In Telangana, there are about 60,000 companies which ought to have held their AGM meeting for FY ending on March 31, 2020 before September 2020. However, many could not. Following that, the Registrar of Companies received various representations from industry bodies and professional institutes pointing out the difficulties in holding the AGM due to the pandemic. 

"The Ministry of Corporate Affairs has considered the difficulty faced by the corporate sector and directed the Registrar of Companies to extend time for holding AGM for the financial year ending on March 31, 2020," said the Registrar of Companies for Telangana.