18 November 2013
Sir As per section 166 AGM should be held within 18 months fron date of incorporation. As per Section 210 i draw the following understanding: 1.Financial Year may be less then or more than a calender year but shall not exceed 15 months for the purpose of accounts mentioned in the section i.e. first profit and loss and balancesheet. 2.The first Profit and loss accounts presented in the first AGM shall be of a period not preceeding the date of AGM by 9 months.
Sir from the above facts it can be clearly drawn that AGM can be held within 18 months i.e.29.01.2014 whereas the 1st accounts could be drwan upto 31.10.2013.
I would request you to again check language of section 210(3)(a).
In the above case first FY of the company would be from 30/07/2012 to 31/03/2013. Balance sheet will be prepared for the period 30/07/2012 to 31/03/2013 will be considered by the shareholders within 9 months from the date of closure of FY 2012-13.
If we fixed the date of AGM as per 18 month, there will be a breach of 9 month time line given in section 210.
18 November 2013
Sir I agree with you know as after a reading of the defination of financial year provided in the Companies Act 2013 a financial year has to end on 31st of march. The defination reads as follws: (41) “financial year”, in relation to any company or body corporate, means the period ending on the 31st day of March every year, and where it has been incorporated on or after the 1st day of January of a year, the period ending on the 31st day of March of the following year,"
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