On September 25, 2023, Ministry of Corporate Affairs (MCA) issued a circular to allow companies to hold
their:
through Video Conference (VC) or Other Audio-Visual Means (OAVM) till September 30, 2024 (Earlier till
30th September 2023).
Additionally, copies of the financial statements (including Board’s Report, Auditors Report or other such
documents required to be attached), are to be sent only by email to the members, trustees for the debenture-holder of any debenture’s issues by the company and to all other entitled persons. However, statutory timelines and other provisions provided in the Companies Act, 2013 are required to be complied.
As per the provisions of the listing regulations, listed entities are required to dispatch hard copy of the
statement containing the salient features of all documents (i.e. financial statements, board’s report, auditor’s report etc.) to the shareholder(s) who have not registered electronically.
Considering the relaxation provided by the MCA, SEBI also has issued a circular dated October 07, 2023
to exempt such listed entities from sending the hard copies of the statement of salient features till
September 30, 2024 (earlier September 30, 2023). Further, listed entities that have listed their specified
securities, the requirement of sending proxy forms under Regulation 44(4) of the Listing Regulations is
dispensed with till September 30, 2024 (earlier September 30, 2023) for AGMs held only through electronic mode.
| SW Point of View:This alignment between MCA and SEBI reflects a collaborative effort to ease administrative burdens on companies and adapt corporate governance practices to the evolving digital era. |
