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The Ministry of Corporate Affairs, Government of India, in a recent notification dated 28th December 2022, announced the extension of holding of AGM and EGM through video conferencing by companies till 30th September 2023.
The extension of holding AGM and EGM via video conferencing replaces holding such meetings in the physical mode. The underlying notion is the effectiveness of such meetings due to larger participation by the stakeholders spread across the globe, compared to holding AGM and EGM in physical mode with few local stakeholders.
Thus, instead of issuing this notification allowing shareholders to meet via videoconferencing for a limited time, it should be made mandatory under the Companies Act for the AGM or EGM of Shareholders to be held exclusively via videoconferencing. And this meeting is to be recorded and shared on the company’s website. This will aid in increasing both accountability and openness. The manner of organising such a meeting might also be stipulated so that shareholders have enough time to discuss concerns with management and auditors.