Audit and agm for a new pvt ltd company
Querist : Anonymous
1)How do we decide company's financial year?
2)By when should the first audit be done?
3)By when should the first AGM be held?
In First Board Meeting of the company it will be decide that what will be the period of first financial year. The First financial year start from the date of Incorporation.
The first auditor will be appointed by Board of Director within a period of one month from the date of incorporation of the company.
TIME-LIMIT FOR HOLDING THE FIRST ANNUAL GENERAL MEETING
A new company which is registered under the Act, shall hold its first annual general meeting latest within a period of eighteen months from the date of its incorporation, namely, the date on which the Registrar has issued the certificate of incorporation to the company. If the first annual general meeting is so held, it is not necessary for the company to hold another annual general meeting in the year of its incorporation or in the following year. It may also be noted in this connection that the accounts placed before the first annual general meeting shall be for the period beginning from the date of incorporation and ending on a day of financial year, which will not precede the first annual general meeting by more than nine months from the close of the first financial year of the company — section 210(3).
This may be illustrated by the following example: Date of incorporation of company 23-10-2010 Date by which the first annual general meeting ought to be held 22-04-2012 The holding of the first annual general meeting shall comply with the following criteria of the Act:—
(i) The gap between the last date of the accounting period and the meeting shall not exceed 9 months, and
(ii) The second annual general meeting shall be held during the third year of incorporation.
Querist : Anonymous
So if our financial year is from August 2012 to 31 March 2013, the first AGM is to be held within 9 months from 31 March 2013 i.e by December 2013, is it?
Click here to login now
Similar Resolved Queries
- Difference between Date of Payment and Date of Deduction?
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- IS AUDIT MANDATORY IF COMMISSION INCOME IS MORE THAN 50 LAKH
- Journal entry of busniess expenses
- GST Rate for Catering Services
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- Cash balance limit and property purchases limit
- Can we choose not to report losses in ITR3 if they cannot be carried forward?
- FCRA 6 E- Intimation
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
