Companies Act 2016 | Practice Directive No. 6/2020 (Revised 27 January 2021) : Extension of Time for Annual General Meeting and Lodgement of Financial Statements

In support of the Government initiatives to ease the economic pressures faced by the corporate community arising from the COVID-19 pandemic, the Registrar invokes the following:

(a) To grant an extension of time for companies affected by the MCO to hold an AGM for a period of 90 days in accordance with the powers under section 340(4) of CA 2016;

(b) To grant extension of time to companies having financial year ending AFTER 31 August 2019 to 31 July 2020 to lodge financial statements and reports for a period of 90 days in accordance with the powers under section 259(2) of CA 2016;

(ba) To grant extension of time to companies having financial year ending AFTER 31 August 2019 to 31 July 2020 to circulate its financial statements and reports for a period of 90 days in accordance with the powers under PN 3/2018; and

(c) To waive the application fee of RM100 for each application respectively in accordance with the powers under Regulation 8(4) of CR 2017.

Notwithstanding the ‘blanket approval’ for extension of time under paragraph 12, the following procedures must be observed:

(a) affected companies are still required to lodge an application to Registrar by completing the information in Appendix C; and

(b) the application must be addressed to eot2021@ssm.com.my.

The Registrar will grant an extension of time as follows:

(a) for lodgement of financial statements and reports, the 90 days period will be effective from the date the financial statements and reports were supposed to be lodged with the Registrar;

(ab) for circulation of financial statements and reports, the 90 days period will be effective from the date the financial statements and reports were supposed to be circulated;

(b) for holding of AGM, the 90 days period will be effective from the date the AGM was supposed to be held.

Applications must be submitted to the Registrar by 15 November 2020 to be eligible for an extension of time given pursuant to this Practice Directive. Notwithstanding this, ONLY companies having financial year ending AFTER 31 March 2020 to 31 July 2020 can submit their applications to the Registrar by 31 March 2021.

A copy of the full PD No. 6 can be downloaded below.

Souce: SSM

*Follow us on: Facebook for updates

*Follow us on: Telegram for Updates on Corporate Advisory, Restructuring & Insolvency

*Follow us on: Telegram for updates on Company Secretary