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Announcement

Practice Directive No. 6/2020 by SSM

20 Apr 2020

In support of the Government initiatives to ease the economic pressures faced by the corporate community arising from the Covid pandemic, Companies Commission of Malaysia (“SSM”) had on 7 April 2020 (Revised 15 April 2020) issued Practice Directive No. 6/2020 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 6/2020:

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;

  1. To grant extension of time to companies having financial year ending AFTER 31 August 2019 to 31 December 2019 to lodge financial statements and reports for a period of 90 days in accordance with the powers under section 259(2) of CA 2016;
  2. To grant extension of time to companies having financial year ending AFTER 31 August 2019 to 31 December 2019 to circulate its financial statements and reports for a period of 90 days in accordance with the powers under PN 3/2018; and
  3. 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 mentioned above, the following procedures must be observed:

  1. affected companies are still required to lodge an application to Registrar by completing the information in Appendix A as shown in the Practice Directive link below; and
  2. the application must be addressed to eot@ssm.com.my.

SSM will grant an extension of time as follows:

  1. 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;
  2. 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;
  3. 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 30 June 2020 to be eligible for an extension of time given pursuant to this Practice Directive.

The Practice Directive No. 6/2020 and Practice Directive No. 3/2018 can be accessed from the links below:

Practice Directive No. 6/2020:

https://www.ssm.com.my/Pages/Legal_Framework/Document/PD_EOT%20AGM%20and%20FS%20v1%20(Final)%208.4.20.pdf

Practice Directive No. 3/2018:

https://www.ssm.com.my/Pages/Legal_Framework/PDF%20Tab%205/pn_ss_609_2592_3404_eot.pdf

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