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first agm (Corporate Law)

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This query is : Resolved


( Author )
25 April 2009

what will be the date of first agm as per the provision of sections 166 and 210 of the companies act ,1956 if the co. incoporated on 31.03.2008 and if the financial year of the co. is 1st april to 31st march


CA. B.SRINIVASULU

( Expert )
25 April 2009

First annual general meeting should be held within 15months form the date of incorporation. ie. On or before 31st June 2009.

However Since your accounts are being closed for the financial year 1-4 to 31-3 on 31-3-2009 You have 6 months time based on the balace sheet date ie upto 30-9-2009.

Therefore what you have to do is you have to send a request to the concerned jurisdicational roc for extending the time for conducting the agm by 3 months stating the above facts.

The roc will give you specific permission to hold the first agm on or before 30-9-2009.

This will solve your problem by not conducting two agm's. One on the basis of incorporation and second on the basis of accounts.


CMA KNVV Sri Vidya - Sri Kanth

( Expert )
26 April 2009

agree with expert


Ankur Garg

( Expert )
30 April 2009

Sorry to say but answer given by Mr. B. Srinivasulu is absolutely wrong.


As per the provisions of section 166 the first AGM of the company should be held within 18 months form the date of incorporation.

your first financial would be from 01.04.2008 to 31.03.2009.

In your case 18 months as per section-166 expires on 30.09.2009.


SECTION--210

But as per section-210 balance sheet should lay before the members for approval in the AGM within 6 months (9 months in case of first AGM) from the close of financial year to which account relate.

So as per section 210 you can held your first AGM up to 31.12.2009 i.e. 9 months from the close of first financial year. but in that case violation of section-166 is due.


To conclude--if you hold your first AGM before the expiry of 30.09.2009 there would be no violation of section-166 or section-210.

No request to ROC or approval of ROC is required in your case as wrongly mentioned by Mr. B. Sri.

In case of further query please post it.

Best Regards


Ankur Garg

( Expert )
30 April 2009

For more clarity and for discussion on Section-166 and Section-210 please go through the link below:

http://www.caclubindia.com/forum/messages/2009/4/31107_statutory_audit_report.asp


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