The term of holding the regular (annual) shareholders’ meetings in 2020 is extended for Russian LLC’s until September 30

The President of Russian Federation has signed the Federal Law dated April 7, 2020 No. 115-FZ which extends the dates of regular (annual) general meetings of shareholders of limited liability companies (“LLCs”).

In 2020 such meetings should be held not later than September 30. For the other years, this period remains unchanged, meaning that regular general meetings of LLC shareholders should be held not later than April 30.

Also, the Law states that in case of a decrease in the year of 2020 of the value of net assets, the LLC will not be under an obligation to reduce its charter capital to a level not higher than the value of the net assets or, otherwise adopt a decision to liquidate the LLC.