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First agm of a company

Rakesh (Self Employed) (51 Points)

23 April 2017

We have a private limited company incorporated on 22.03.2017, want to know date of first AGM

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Saloni Shah (45 Points)
Replied 23 April 2017

according to section 96 every company needs to call it's 1st AGM within 9 months from the end of financial year.
In your case, as it is a private company, incorporated on 22/3/17 it's year end would be 31/3/18 and counting nine months would be 31/12/2018.

Sudhir Todkar (CS Professional) (1021 Points)
Replied 23 April 2017

First AGM should be held within in 9 months from the end of the financial year (i.e. 31-Mar-2017). Company should hold AGM on or before 31-Dec-2017

Otherwise company has to pay penalty for not holding AGM.

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Rakesh (Self Employed) (51 Points)
Replied 23 April 2017

I am agree with Saloni Shah, is there anyone to advice?

Rakesh (Self Employed) (51 Points)
Replied 23 April 2017

According to Companies Act, if first year ends on 31.03.2108, is there any complulsion to file Income Tax Return for the Financial Year 2016-17 and if yes, is there any compulsion to get accounts audited when there is no income/ expenditure etc.

Sudhir Todkar (CS Professional) (1021 Points)
Replied 23 April 2017

I agree with Saloni Shah. Please ignore my earlier statement.

Incorporation year need not to taken into account to hold AGM.

Jatin Bajaj (CS) (2928 Points)
Replied 24 April 2017

As your Company is incorporated on 22nd March 2017, so as per section 2(41) of the Companies Act 2013, The Financial Year will close on 31st March 2018. And as per section 96 of the Companies Act 2013, First Agm shall be held maximum within 9 months from the closure of Financial year. So Company shall shall hold the Agm maximum by 31st December 2018.

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