Delay in conducting AGM

This query is : Resolved

Rajee (Querist)
Follow

10 January 2011 Dear members
Kindly clarify me over the following issue:
A private limited company with 2 shareholders cum directors A & B, has stopped its production due to heavy loss and it has not yet finalized the B/s as on 31.03.2010 and it has not yet conducted its AGM. The AGM during the P.Y. was conducted on 30/09/2009. On 31/12/2010, X and Y has agreed to purchase the entire shares from A & B respectively and also to be appointed as directors of the the co. The entire company is now purchased by X and Y. A and B has consented to retire.

What is the procedure to conduct AGM which is not yet conducted and to file the Balance sheet which will be finalsed sonner? ( the company has not yet applied to ROC for any extension of period of AGM )

Thanks & regards

sivadas chettoor

sivadas chettoor (Expert)
Follow

11 January 2011 The gap between two AGM's should not exceed 15 months. But 3 months extention acn be granted by ROC but in your case that opportunity is also not available. You should have held the AGM and adjourned it to a later date.The default has been committed and hence hold the AGM as early as possible since the Offence is a CONTINUING ONE.

Jayashree S Iyer

Jayashree S Iyer (Expert)
Follow

11 January 2011 Since the company is closely held with two shareholders cum directors, record AGM on 30/09/2010 and show adoption of accounts pending due no non-finalisation of accounts due to unavoidable reasons viz., accountant left abruptly, etc. That way you can avoid penalty for delay in holding AGM.

Finalise accounts and efile all relevant forms paying additional fee.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

MANOJ DASH

efiletax

Sandeep Ranjan

CA Sunny Sharma

Aayushi Chauhan

Subscribe Now

Delay in conducting AGM

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA