Govt extends deadline for J&K companies to hold AGMs

The government today extended the deadline till December 31 for companies registered in Jammu & Kashmir to hold their annual general meetings, as many entities could not convene the meetings within the stipulated time due to devastation caused by floods in September.
The deadline has been extended by the Corporate Affairs Ministry, which is implementing the Companies Act.
"Kashmir Chamber of Commerce and Industry and others have represented that due to the devastation caused by the floods, companies registered in the state could not convene AGMs for the financial year 2013-14 within the stipulated time as required under the provisions of Companies Act, 2013," the Ministry said in a circular.

Under the Companies Act, 2013, entities are required to hold their AGM within six months from date of closing of a financial year.
The state of J&K faced unprecedented floods, particularly in the Kashmir valley in September.
In view of the exceptional circumstances, the Ministry said it has decided to grant time till December 31 for companies registered in J&K to hold their annual general meetings.
This would be applicable for companies which could not convene AGMs within the stipulated time.
As per the Companies Act, the Registrar of Companies (RoC) for any special reason can extend the deadline for holding AGMs by a period not exceeding three months.