CA Social Affiliation

Serving CA Profession since 2010

CASA/MCA/21-22/05 Dated 13/09/2021

To
The Secretary
Ministry of Corporate Affairs
Government of India
“A” Wing, Shastri Bhawan
Rajendra Prasad Road
New Delhi - 110001

Respected Sir,

Subject: Representation for Extension of timelines for holding Annual

General Meeting (AGM) upto 31st December, 2021 under the
Companies Act, 2013 for the Financial Year ended 31-03-2021 due
to continued COVID-19 Pandemic

1. Our Introduction

We are “Chartered Accountants Social Affiliation” popularly known as “CASA”, a

registered NGO which is working effortlessly for the benefits of the Professionals,
Trades and Industries by way of imparting knowledge through webinars & seminars
by various experts in their respective field. In past one decade CASA had
successfully organised more than 1000s such programs on various topics related to
profession & industries which includes expert’s deliberations on Statutory & Tax
compliances. We, at CASA, believes in taking all the requisite steps and actions to
ensure smooth and complete tax and other Statutory compliances by the
Stakeholders.

2. Acknowledgement & Appreciating Efforts of MCA

We highly appreciate and acknowledge the efforts and various initiatives taken by
the Ministry of Corporate Affairs (MCA). We also acknowledge your promptness in
providing relief & relaxations in terms of levy of additional fees, time for filing of
various forms, relaxation in gap between two board meetings for first two quarters of
FY 2021-22, allowing companies to conduct their EGMs through VC or OAVM or
postal ballot etc. to the Corporate Sector, Professionals and other connected
Stakeholders at large.

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Registered Office: UG-11, Tirupati Plaza, A-212/C, Street No.1, Shakarpur, Delhi-110092
Phone: 011 42651280, Email casango2010@gmail.com
 CA Social Affiliation
Serving CA Profession since 2010

3. Practical Difficulties & Ground Realities faced in making statutory

compliance within time

The COVID-19 pandemic in India has caused an unprecedented level of devastation,

leaving no Sector, no State, no aspect of our lives untouched by its deadly
consequences. During the second wave beginning in March 2021, India went through
unimaginable levels of collective misery and grief and more than 2 lakhs death (as
per figures available in media reports) reported during first 03 months of FY 2021-
22, which is much higher than the figures reported in any previous quarter from the
day covid-19 emerged.

Unfortunately, due to resurgence of COVID Pandemic many business operations was

disrupted and stringent covid restrictions were imposed during this deadliest second
wave. This had drastically hampered not just financial conditions but has also
restrained many other necessary business activities.

Leading experts have repeatedly warned of an imminent third Covid-19 wave in

India. As per report available in media which include research reports of scientists
from IIT-Kanpur, the third wave of Covid -19 Pandemic is expected to arrive around
end of September, 2021 in India. The latest projections show rise in cases by more
than 1 lakh a day in coming months with mutant coronavirus strains showing
increasing trend.

It is still very difficult for Tax Professionals as well as for business enterprises to
perform their work with 100 % efficiency. Most of the offices are forced to work from
home with reduced number of staff due to corona related health issues. Access to
client data, its availability, compilation, reconciliation etc is not available easily and
it requires more time and efforts by the professionals as well as by the business
enterprises to finalise the accounts and audits. It is very challenging for Audit firms
as well as the companies in conducting remote audits due to lack of infrastructure,
technology and other support systems which involve additional costs.

Due to present continuing pandemic situation, 3rd wave of COVID-19,

holding of Annual general Meeting (AGM) of the Companies within the time
as per the provisions mentioned under the Companies Act, 2013, for the
year ended 31st March 2021 is very difficult.

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Registered Office: UG-11, Tirupati Plaza, A-212/C, Street No.1, Shakarpur, Delhi-110092
Phone: 011 42651280, Email casango2010@gmail.com
 CA Social Affiliation
Serving CA Profession since 2010

4. Request for Extension of Time Line to hold AGM:

We would like to request your goodselves that, to mitigate the hardships of

Corporates, Professionals and public at large the time period for holding Annual
General Meeting for the year ended 31st March, 2021 be extended to at least
till 31st December 2021.

In addition to the practical difficulties & ground realities mentioned herein above,
requested to also consider following:

a) Extension granted by CBDT: Central Board of Direct Taxes (CBDT) has

extended the timelines for filing of Income Tax Returns and various Audit
Reports for the Assessment Year 2021-22 vide Circular No. 17/2021 dated
09/09/2021. These extension are being given for periods upto 31st December, 2021
to 31st March, 2022. Copy of the this CBDT Circular is enclosed
as “Annexure I” for your kind reference

b) Extension granted by SEBI : In order to provide relief from difficulties faced

by various stakeholders, the Securities and Exchange Board of India (SEBI) has
already introduced Circular No. SEBI/HO/CFD/CMD1/P/CIR/2021/60 dated
23/07/2021 to extend the timeline for conduct of AGM by top 100 listed entities by
market capitalization. Copy of the above mentioned SEBI Circular is enclosed
as “Annexure II” for your kind reference.

c) Financial Statements and Audit Reports are pre-requisite: Financial

Statements and Audit Reports are pre-requisite for convening the Annual
General Meeting (AGM) for the Company. Due to current scenario, it is very
difficult to conduct the audit and verification of the company records efficiently in
such short span of effective time available for working.

d) Non-working of new income tax portal: Further non working of new income
tax portal has added more problems to the business as well as professionals. Non-
downloading of data from Income Tax Portal, which is extremely necessary for
proper certification of various financial figures, is further adding to the woes of
various stakeholders and completion of Audits.

We therefore request that, to mitigate the hardships of Corporates,

Professionals and public at large, the time period for holding Annual General
Meeting for the year ended 31st March, 2021 be extended at least till
31st December 2021.

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Registered Office: UG-11, Tirupati Plaza, A-212/C, Street No.1, Shakarpur, Delhi-110092
Phone: 011 42651280, Email casango2010@gmail.com
 CA Social Affiliation
Serving CA Profession since 2010

5. Extension also needed in case of One Person Companies (OPC):

We also request your goodselves to provide extension for the One Person Companies
(OPC) whose financial statements duly adopted by its member, along with all the
documents which are required to be attached to such financial statements, within
180 days from the closure of the financial year as per Section 137 of the Companies
Act, 2013.

The time line may please be extended for this purpose for upto 31st December, 2021.

In view of above hardships being faced by the Professionals as well as by the

Trade and Industry person, we are requesting your goodselves to provide the
requisite reliefs to the companies, professionals and other stakeholders by extending the
time lines of holding AGM and in making compliance of section 137 of the Companies
Act, 2013.

A timely and prompt action from your goodselves would be highly appreciated by all
stakeholders.

Thanks and Regards

Sd/- Sd/- Sd/- Sd/-

CA Karan Singal CA Bhavishya Verma CA Asha Sharma CA Kanika Sharma
Team CASA - Corporate Cell

Place: Delhi

Enclosures: (As above)

i. Annexure – I (CBDT Circular 17/2021 dated 09/09/2021)

ii. Annexure – II (SEBI Circular SEBI/HO/CFD/CMD1/P/CIR/2021/60 dt.
23/07/2021)

CC to:

a) Smt. Nirmala Sitharaman, Hon’ble Minister of Finance & Corporate

Affairs
Email ID: nsitharaman@nic.in

b) Sh. Rao Inderjit Singh, Hon’ble Minister of State (MCA)

Email ID: mos-mcas@gov.in

c) Sh. Santosh Kumar, Registrar of Companies, Delhi

Email ID: roc.delhi@mca.gov.in

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Registered Office: UG-11, Tirupati Plaza, A-212/C, Street No.1, Shakarpur, Delhi-110092
Phone: 011 42651280, Email casango2010@gmail.com