first agm
This query is : Resolved
25 April 2009
what will be the date of first agm as per the provision of sections 166 and 210 of the companies act ,1956 if the co. incoporated on 31.03.2008 and if the financial year of the co. is 1st april to 31st march
25 April 2009
First annual general meeting should be held within 15months form the date of incorporation. ie. On or before 31st June 2009.
However Since your accounts are being closed for the financial year 1-4 to 31-3 on 31-3-2009 You have 6 months time based on the balace sheet date ie upto 30-9-2009.
Therefore what you have to do is you have to send a request to the concerned jurisdicational roc for extending the time for conducting the agm by 3 months stating the above facts.
The roc will give you specific permission to hold the first agm on or before 30-9-2009.
This will solve your problem by not conducting two agm's. One on the basis of incorporation and second on the basis of accounts.
However Since your accounts are being closed for the financial year 1-4 to 31-3 on 31-3-2009 You have 6 months time based on the balace sheet date ie upto 30-9-2009.
Therefore what you have to do is you have to send a request to the concerned jurisdicational roc for extending the time for conducting the agm by 3 months stating the above facts.
The roc will give you specific permission to hold the first agm on or before 30-9-2009.
This will solve your problem by not conducting two agm's. One on the basis of incorporation and second on the basis of accounts.
26 April 2009
agree with expert
30 April 2009
Sorry to say but answer given by Mr. B. Srinivasulu is absolutely wrong.
As per the provisions of section 166 the first AGM of the company should be held within 18 months form the date of incorporation.
your first financial would be from 01.04.2008 to 31.03.2009.
In your case 18 months as per section-166 expires on 30.09.2009.
SECTION--210
But as per section-210 balance sheet should lay before the members for approval in the AGM within 6 months (9 months in case of first AGM) from the close of financial year to which account relate.
So as per section 210 you can held your first AGM up to 31.12.2009 i.e. 9 months from the close of first financial year. but in that case violation of section-166 is due.
To conclude--if you hold your first AGM before the expiry of 30.09.2009 there would be no violation of section-166 or section-210.
No request to ROC or approval of ROC is required in your case as wrongly mentioned by Mr. B. Sri.
In case of further query please post it.
Best Regards
As per the provisions of section 166 the first AGM of the company should be held within 18 months form the date of incorporation.
your first financial would be from 01.04.2008 to 31.03.2009.
In your case 18 months as per section-166 expires on 30.09.2009.
SECTION--210
But as per section-210 balance sheet should lay before the members for approval in the AGM within 6 months (9 months in case of first AGM) from the close of financial year to which account relate.
So as per section 210 you can held your first AGM up to 31.12.2009 i.e. 9 months from the close of first financial year. but in that case violation of section-166 is due.
To conclude--if you hold your first AGM before the expiry of 30.09.2009 there would be no violation of section-166 or section-210.
No request to ROC or approval of ROC is required in your case as wrongly mentioned by Mr. B. Sri.
In case of further query please post it.
Best Regards
30 April 2009
For more clarity and for discussion on Section-166 and Section-210 please go through the link below:
https://www.caclubindia.com/forum/messages/2009/4/31107_statutory_audit_report.asp
https://www.caclubindia.com/forum/messages/2009/4/31107_statutory_audit_report.asp
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- Capital gain from sale of house property
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Stamp Paper for partnership firm change new income tax 2025
- SFT Cash Deposit in Current Account
- Value of property in capital gain
- FORM 26A APPLICABILITY
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
