Can any company can conduct TWO AGMs on the same day?
Pl. reply me by considering sections 166 & 210.
Thanks & regards
Mayur M. Buha
SANTOSH SHAH
(Company Secretary)
(754 Points)
Replied 16 March 2011
| Originally posted by : CS Mayur Buha | ||
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Can any company can conduct TWO AGMs on the same day? Pl. reply me by considering sections 166 & 210. Thanks & regards Mayur M. Buha |
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Hi Mayur
In my opinion , 2 AGM's cannot be conducted.
AGM is annually conducted i.e, only once. Moreover the AGM's will be numbered,
i.e, Eg: 1st or 2nd or 3rd AGM .
So conducting another AGM for the same financial year same day is not
advisable. Its not good practice.
However if you have conducted another AGM meeting in same day due to
modification of any matters discussed in earlier AGM Same day,
you can incorporate the only modified matter as actual matter in AGM Minutes.
Hope its clear.
Experts your views solicited.
regards
Santosh Shah
Lalit Kumar
(Vice President )
(2213 Points)
Replied 16 March 2011
Yes 2 AGM's can be conducted on same day.. But for both AGM's SEPERATE Notice has to be given..
nafisa
(ACS)
(189 Points)
Replied 16 March 2011
company can held the 2 AGM on the same date but required to give the seprate notice for each meeting but u have to comply section 166 of co. act 1956.
correct me if i m wrong
CS MOHIT SALUJA
(PRACTICING CS Jalandhar 9914558709)
(5155 Points)
Replied 16 March 2011
Firstly
May we know why the need for conducting two AGM arises?
Secondly, the word AGM itself states that Annual General Meeting and Section 166 states the company must hold meeting which is required to be held every year i.e. once in every Financial Year. You can hold the EGM there after if any necessaity arises and well said by LKR that there is need to have two notices separate for every meeting and in two notices you can not say that annual general meeting will be held. So if two AGM can not be held, no question arise as to hold on same date.
Views of other Professionals are awaited.
Nagesh babu K L
(Company Secretary)
(51 Points)
Replied 16 March 2011
I dont think we can have 2 AGM in year, except the AGM is adjourned for the want of quorum etc, however it may not counted as 2 AGM.
AGM is mainly focus on Adoption of accounts, auditors appointment and changein Board etc. One cannot have 2 financial year books of accounts.
As the name repliactes it is annual basis to present before the members of the company. AGM numbering is very important like 12th AGM, 13th AGM.
CA MANIK KUMAR
(Manager )
(710 Points)
Replied 17 March 2011
yes two agms can be conducted on the same day
but at seperate timings
for eg due to the extention given by roc ur agm for year 2010 is to be held on 3-2-2011
accoridng to the rules u have to hold another agm in the year 2011 . u can convene that agm on 3-2-2011 but only after convening the 2010 agm..
the first gm may be from 8 a.m to 1pm and second agm from 3pm to 9 pm
CS Mayur Buha
(Company Secretary)
(238 Points)
Replied 17 March 2011
First, thanks to all who have replied to this query.
Secondly, those who have raised the question of the 2 AGM for the same financial year I wish to correct that 2 AGM of different financial year. I mean, suppose in previous year I didn't conducted AGM and I paid the penalty for the same whatever may be imposed by the government and meanwhile second AGM is due u/s. 166 & 210.
Section 210 itself say that you cannot conduct AGM beyond such period as mentioned therein so it deemed to interpreted that we can conduct TWO AGM within or lessthen such period so it can be conducted even on the same day for different financial year.
Friends this is my interpretation.. Your interpretation may be solicited.
CS Mayur Buha
(Company Secretary)
(238 Points)
Replied 17 March 2011
Section 166(1) says that - Every company shall in each year hold in addition to any other meetings a general meeting as its annual general meeting and shall specify the meeting as such in the notices calling it; and not more than fifteen months shall elapse between the date of one annual general meeting of a company and that of the next.
SO SECTION 210 ITSELF SAYS THAT COMPANY CAN CONDUCT AND SECTION 166 SAYS THAT COMPANY CAN'T.
SANTOSH SHAH
(Company Secretary)
(754 Points)
Replied 17 March 2011
| Originally posted by : CS Mayur Buha | ||
|
|
First, thanks to all who have replied to this query. Secondly, those who have raised the question of the 2 AGM for the same financial year I wish to correct that 2 AGM of different financial year. I mean, suppose in previous year I didn't conducted AGM and I paid the penalty for the same whatever may be imposed by the government and meanwhile second AGM is due u/s. 166 & 210. Section 210 itself say that you cannot conduct AGM beyond such period as mentioned therein so it deemed to interpreted that we can conduct TWO AGM within or lessthen such period so it can be conducted even on the same day for different financial year. Friends this is my interpretation.. Your interpretation may be solicited. |
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Hello Mayur,
As stated by you that the AGM for 2 different financial year,
FY ending 31st March 2009 -
To be conducted within 6 Months ( 30th Sep 2009)
Max Time 15 Months b/w One AGM to another -Refer Sec 166 (1) - ( 30th June 2010)
With Special Permission from ROC ( Extended for 3 months) - ( 30th Sep 2010)
FY ending 31st March 2010-
To be conducted within 6 Months ( 30th Sep 2010)
Max Time 15 Months b/w One AGM to another -Refer Sec 166 (1) - ( 30th June 2011)
With Special Permission from ROC ( Extended for 3 months) - ( 30th Sep 2011)
Please Read:
166. Annual general meeting.—
1[(1) Every company shall in each year hold in addition to any other meetings a general meeting as its annual general meeting and shall specify the meeting as such in the notices calling it; and not more than fifteen months shall elapse between the date of one annual general meeting of a company and that of the next:
Provided that a company may hold its first annual general meeting within a period of not more than eighteen months from the date of its incorporation; and if such general meeting is held within that period, it shall not be necessary for the company to hold any annual general meeting in the year on its incorporation or in the following year:
Provided further that the Registrar may, for any special reason, extend the time within which any annual general meeting (not being the first annual general meeting) shall be held, by a period not exceeding three months.]
1[(b) in the case of any subsequent annual general meeting of the company, to the period beginning with the day immediately after the period for which the account was last submitted and ending with a day which shall not precede the day of the meeting by more than six months, or in cases where an extension of time has been granted for holding the meeting under the second proviso to sub-section (1) of section 166, by more than six months and the extension so granted.]
(4) The period to which the account aforesaid relates is referred to in this Act as a “financial year”; and it may be less or more than a calendar year, but it shall not exceed fifteen months:
Provided that it may extend to eighteen months where special permission has been granted in that behalf by the Registrar.
This is my understanding of the Sections. Any other views are welcome.
regards
Santosh Shah
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