Cloud over online AGM for banks as they don't fall under Companies Act

MCA notification doesn't include banks as they are governed by separate Act; sources say separate guidelines may have to be issued for them

The ministry of corporate affairs (MCA) has allowed listed companies to conduct their annual general meetings (AGMs) online because of the strict nationwide lockdown. However, there is uncertainty over whether this relief will be extended to banks, which are governed by a separate Act and don’t fall under the Companies Act.

Sources say regulatory authorities will have to issue separate guidelines for banks and some other institutions. Firms that are kept out have already approached their respective regulators, seeking clarity over conducting shareholder meetings.

“We have received queries from corporate bodies and certain public sector companies on their AGMs. Regulators