Deadline For Annual General Shareholders Meetings Of Llc And Jsc In 2020

On April 7, 2020 Federal Law No. 115-FZ (“Federal law”) introducing changes into corporate procedures in Russia, was signed and came into force.

In accordance with the Federal law in 2020 joint stock companies and limited liability companies may hold annual general meetings of their shareholders not later than September 30. Usually these meetings shall be held not later than June 30 for JSCs and April 30 for LLCs.

Please be reminded that in 2020 JSCs may conduct AGSM by absentee voting in 2020. LLCs are still not provided with such right.

In addition, as per the Federal law, in case by the end of 2020 value of net assets of LLC or JSC is less than their charter capital, this fact will not be considered as the basis for mandatory decision to reduce the charter capital or liquidate the company. Usually, in this situation within 6 months after the end of the reporting period the decision shall be adopted to reduce charter capital to the value not exceeding the value of the net assets or liquidate the company.

In case you need any consultation or other legal assistance related to above, please feel free to contact LEGAL PRO team. We are always happy to assist you and provide necessary legal support.