AGM Exemption for all private companies.

AGM-Exempt or Exemption for all private companies from holding AGMs:

This rule applies to private companies with FYE after 31-Aug-2018.

Under the Companies (Amendment) Act 2017, private companies are exempted from holding AGMs if they send their financial statements to members within 5 months of the financial year end (FYE). Shareholders should note that safeguards have been put in place so that companies must still hold an AGM / general meeting if requested by shareholder or auditor. The details are as follows:

Safeguards are put in place so that private companies will still need to hold:

• an AGM if any shareholder requests for it not later than 14 days before the end of the 6th month after FYE;
• a general meeting to lay financial statements if any shareholder or auditor requests for it not later than 14 days after the financial statements are sent out.

The option for private companies to dispense with the holding of AGMs remains.