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Gap between B/S. date & extended AGM

Yogesh Shah (Managing Corporate Finance) (1051 Points)

20 January 2010

Hye Guys !!!

I want to ask one question here ....

At every AGM, company lays Balance Sheet and P & L a/c. before shareholders. As per Company Act, the gap between date of AGM & the last day of P& L a/c. (generally 31^st March) shall not exceed 6 months.

My question is, if AGM is extended, what will be the period of P&L a/c. and Balance sheet? If we keep it same i.e. 31^st March and AGM extended by 3 months and conducted in December, will not it be a violation of rules of Company Act?

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5 Replies

CourseCart.in (Mentor at SHAYVIDZ Academy) (3756 Points)
Replied 20 January 2010

There will be no violation if the company gets approval from registrar for extension of AGM..

registrar have power to gv extension upto 3months..

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Ankur Garg (Company Secretary and Compliance Officer) (114773 Points)
Replied 20 January 2010

There is no connection between period extended by ROC or period of annual acounts. Both are different periods.

ROC is extending the time only for holding AGM u/s 166 whereas period of annual accounts will remail the same that is 12 months from 1st April to 31st March next year.

CourseCart.in (Mentor at SHAYVIDZ Academy) (3756 Points)
Replied 20 January 2010

balance sheet is not prepared according to the date of AGM.. it depends on financial year..

AGM is seperate matter..

CS Ankur Srivastava (Company Secretary & Compliance Officer) (17848 Points)
Replied 22 January 2010

As per the second proviso to section 166, Registrar is authorised to give extention of 3 months. Thus for the adoption of annual accounts for the 12 months ended 31st march, AGM can be held upto 31st december with extension.(as per sec 210(3)(b))