Coronavirus Outbreak: SEBI gives extension to hold AGMs; grants 3-months time to conduct yearly… – Firstpost
Mumbai: Capital market regulator Securities and Exchange Board of India (SEBI) on Thursday granted listed companies one month’s extension to hold their annual general meetings (AGM) due to the 21-day COVID-19 induced lockdown.
Representational image. Reuters.
Under the rules, the top 100 companies have to conclude their AGMs within five months from the financial year closing.
As most companies have March year-ending, they have to hold their AGMs on or before 31 August.
The SEBI has extended this date to 30 September.
The regulator has also granted a three-month extension to carry out yearly committee meetings on remuneration, risk management and stakeholder relationships.
The new deadline to conclude these meetings will be 31 June, instead of 31 March.
The SEBI has also provided temporary exemptions to listed companies from publishing of newspaper advertisement.
Last week, it had announced extensions in areas like filing of shareholding pattern and financial result disclosures.