January 15, 2021
Summary of the Circular and Notification issued by MCA and IBBI on 13/01/2021 and 14/01/2021 respectively
MCA allows Companies to conduct Annual General Meetings(AGMs) due to be held in 2020 or that would be due in 2021 through Video Conferencing (VC) facility or Other Audio Visual Means (OAVM)
In line with other circulars allowing Companies to conduct their Board Meetings and EGMs via VC or OAVM, MCA has now notified that Companies whose AGMs were due to be held in the year 2020 or that would be due in the year 2021 can conduct their AGMs via VC or OAVM till 31st December, 2021. The guidelines to be adhered to in this regard shall be the same as prescribed by MCA vide its circular No. 20/2020 dated 05/05/2020.MCA has clearly indicated that this circular doesn’t confer any extension of time to hold AGMs by the Companies under the Companies Act, 2013.
IBBI amends Model Bye- Laws and Governing Board of Insolvency Professional Agencies (IPA) Regulations, 2016
Through this notification, the Board has amended the provisions relating to the Composition of the Governing Board and has introduced new provisions with respect to yearly self-evaluation by the Governing Board and appointment and role of Compliance Officer, who has to submit an annual compliance certificate to the Board verifying the adherence to the statute by the IPA.
This circular & notification is available for reference on our free to use website www.ca2013.com for your quick reference.