Practice Directive No. 8/2021

In order to facilitate the affected companies to prepare and audit the financial statements and reports announcement and comply with the requirements of the CA 2016 due to the implementation of MCO, Companies Commission of Malaysia (“SSM”) had on 1 June 2021 issued Practice Directive No. 8/2021 to clarify the special procedures for companies to apply for an extension of time to hold an AGM or to submit a financial statement and reports. 

SSM has invoked the following in the Practice Directive No 8/2021:

a) to grant an extension of time for a period of 90 days for affected companies to circulate financial statements and reports in accordance with the powers under PN 3/2018;

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

c) to grant an extension of time for a period of 90 days for affected companies to lodge financial statements and reports in accordance with the powers under section 259(2) of CA 2016.

Notwithstanding the extension of time specified mentioned above, the following requirements must be observed:

a) the company must comply with all the requirements as specified in this Practice Directive;

b) an application for extension of time must be submitted to the Registrar by completing the information in Appendix (A); and

c) the application must be submitted to the Registrar within the timeframe and through the email address specified in the First Schedule of this Practice Directive.

The fee of RM100 for the application of extension of time made under this Practice Directive is waived in accordance with the powers of the Registrar under Regulation 8(5) of CR 2017.

Subject to waiver of application fee as mentioned above, the extension of time applies only to eligible companies specified in the First Schedule of this Practice Directive:

SSM will grant an extension of time as follows:

a) For circulation of financial statements and reports, the 90 days period will be effective from the date the financial statement 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.

c) 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 lodged with the Registrar.

The Practice Directive No. 8/2021 with Appendix (A) can be accessed from the link below:

https://www.ssm.com.my/Pages/Legal_Framework/Document/PD%208.2021%20CA%202016%20(31.5.2021)(RDSD)_Final.pdf

First Schedule