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Private limited company not audited its accounts so not hold

Chaitali (CA) (64 Points)

06 May 2016

private limited company not audited its accounts for FY 2013-14 so not hold AGM till date swhat are the consequences as per companies Act,1956?

also not audited and not conduct AGM for FY 2014-15 so what are the consequences as per companies act?

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3 Replies

Jatin Bajaj (CS) (2928 Points)
Replied 06 May 2016

According to section 129(7), if the Company Contravens the provisons of section 129 of Companies Act 2013, The Managing Director, Whole Time Director, Chief Financial officer or any other person charged by the Board with the duty of complying with the requirements of this section and in the absence of officers mentioned above, all the Directors shall be punishable with imporisonment for a term which may extend to 1 year and a fine which may extend to not less than Fifty Thousand and may extend to Rupees 5 Lakhs Rupees or with both.

According to section 99 of Companies Act 2013, if any default is made in holding a meeting of the Annual General Meeting of the Company, The Company and every officer in default shall be punishable with the fine which may extend to 1 Lakh Rupees.

Chaitali (CA) (64 Points)
Replied 06 May 2016

you are talking about Companies Act, 2013 what about companies act,1956?is the same provision as above apply?

Kushang Thakkar (Practising) (138 Points)
Replied 06 May 2016

if thebooks of account are audited and signed on 20th November,2015 than how the procedure of AGM will take place and what is the solution to hold AGM. If the company has held AGM on 30th September,2015 and non audited accouts are put in AGM than whether the AGM can be adjourn upto 30th November,2015?