1st agm
This query is : Resolved
21 February 2012
X pvt. ltd. formed on 04/03/2011. according to section 166 and section 210, when company can held its first AGM without contravening the above section and kindly also mention period of accounts to be layed down for adoption in AGM.
21 February 2012
The 1st P & L Account of the company, to be laid at the 1st AGM held after the incorporation of the company, must relate to the period beginning with the date of incorporation of the company and ending with a day not preceding the date of the AGM (At which that P & L Account is to be laid), by more than 9 months. (Sec 210(3)(a)]
In other words, an interval between the date of the end of the period for which the first P & L Account is prepared (the date on which the first financial year ends) and the date on which the 1st AGM is held, must not be more than 9 months. This period of 9 months and the period of 18 months stipulated u/s 166 (for holding the 1st AGM)must be both be simultaneously complied with. The effect of this provision is that, the 1st AGM of a company must be held within 9 months from the date on which the 1st Financial year ends.
Considering the above, in your case.
1st Financial Year ended on 31/03/2011
1st P & L Account must be - 04/03/2011 to 31/03/2011
1st AGM- On or before - 31/12/2011
In other words, an interval between the date of the end of the period for which the first P & L Account is prepared (the date on which the first financial year ends) and the date on which the 1st AGM is held, must not be more than 9 months. This period of 9 months and the period of 18 months stipulated u/s 166 (for holding the 1st AGM)must be both be simultaneously complied with. The effect of this provision is that, the 1st AGM of a company must be held within 9 months from the date on which the 1st Financial year ends.
Considering the above, in your case.
1st Financial Year ended on 31/03/2011
1st P & L Account must be - 04/03/2011 to 31/03/2011
1st AGM- On or before - 31/12/2011
21 February 2012
what if company extends their financial period from 31/03/2011 to 31/03/2012 sec.210(4). so is their any contravention now ?
22 February 2012
In case if Financial Year is extended to 31/03/2012 then
1st AGM - ON OR BEFORE- 03/09/2012
1st AGM - ON OR BEFORE- 03/09/2012
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