AGM

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 March 2010 What will be the consequences if the AGM is held after the due date ( after 6 months from the date of Balance Sheet) but without obtaining the aproval of ROC ?

Ankur Garg

Ankur Garg (Expert)
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06 March 2010 If AGM is not held within time that penalty u/s 168 and 210 is applicable.

As per section 168 If default is made in holding a meeting of the company in accordance with section 166, or in complying with any directions of the [Tribunal or the Central Government, as the case may be, under sub-section (1) of section 167, the company, and every officer of the company who is in default, shall be punishable with fine which may extend to 50000 3and in the case of a continuing default, with a further fine which may extend to 2500 for every day after the first during which such default continues.

As per section 210 (5) If any person, being a director of a company, fails to take all reasonable steps to comply with the provisions of this section, he shall, in respect of each offence, be punishable with imprisonment for a term which may extend to six months, or with fine which may extend to 10000, or with both.

Regards

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