On 15 April 2020, the Companies Commission of Malaysia (‘CCM’) issued the revised Practice Directive No. 6/2020 (‘Revised PD6/2020’). Our earlier Alert on Practice Directive No. 6/2020 issued by the CCM on 7 April 2020 (‘PD6/2020’) is available here for ease of reference.
 
Circulation of Financial Statements and Reports
 
In the Revised PD6/2020, CCM has clarified that the extension of time application and the waiver of RM100 application fee also apply to the circulation of the financial statements and reports under Section 258(1) of the Companies Act 2016 and CCM’s Practice Note No. 3/2018, and not just to the holding of the annual general meeting (‘AGM’) and the lodgement of the financial statements and reports as previously stated in PD6/2020.
 
Extension of Time
 
CCM has further clarified that the extension of time will be 90 days (and not 3 months as stated in PD6/2020) from the date the AGM was supposed to be held or from the date the financial statements and reports were supposed to be lodged or from the date the financial statements and reports were supposed to be circulated, as the case may be.
 
CCM also clarified that the lodgement and circulation of the financial statements and reports apply to companies having financial year ending “AFTER 31 August 2019 to 31 December 2019” and not “30 September 2019 to 31 December 2019” as stated in PD6/2020.
 
Deadline for Application and Application Form
 
Applications must be submitted to the Registrar by 30 June 2020 to be eligible for an extension of time given pursuant to the Revised PD6/2020.
 
CCM has attached a simplified application form in Appendix A to the Revised PD6/2020 which is to be used for the application for extension of time for holding of the AGM, lodgement of the financial statements and reports, and the circulation of the financial statements and reports, as the case may be.
 
The applications are to be submitted by email to eot@ssm.com.my.
 
Alert prepared by Rachel Ten (Senior Associate) of Skrine.