AGM EXTENSION BY TOP 100 LISTED ENTITIES BY MARKET CAPITALIZATION - SEBI

AGM Extension by top 100 listed entities by market capitalization

Securities and Exchange Board of India (SEBI) vide notification / Circular SEBI/HO/CFD/CMD1/P/CIR/2021/602 dated 23^rd July, 2021, has introduced and published “Extension of time for holding the Annual General Meeting (AGM) by top 100 listed entities by market capitalization” in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with Regulations 101 and 102 of the LODR and the relaxations contained herein are subject to the provisions of the Companies Act, 2013 and rules made thereunder

q  Circular issued to:

1.      All listed entities that have listed their specified securities

2.      All Recognized Stock Exchanges

q  Requirements:

Regulation 44(5) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 (‘SEBI LODR’/ ‘LODR’) requires top 100 listed entities by market capitalization to hold their AGM within a period of five months from the date of closing of the financial year.

q  Representation made: 

SEBI is in receipt of representations from listed entities and the Institute of Company Secretaries of India (ICSI) requesting extension of time to the top 100 listed entities for holding their AGM inter-alia due to the CoVID-19 pandemic.

q Extension granted:

After consideration, it has been decided to extend the timeline for conduct of AGM by top100 listed entities by market capitalization. Accordingly, such entities shall hold their AGM within a period of six months from the date of closing of the financial year for 2020-21.

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