First Annual Gen. Meeting

Save Share

This query is : Resolved

CA Chintan Parikh (Querist)
Follow

29 January 2011 Whether is it advisable to hold FIRST ANNUAL GENERAL MEETING within 18 months from the date of incorporation and within 9 months from the date of accounting period, as defined u/s.166?

Jayashree S Iyer

Jayashree S Iyer (Expert)
Follow

31 January 2011 A company must hold its first AGM within 18 months (Section 166) from the Date of Incorporation and the accounts laid before the company in the case of the first AGM shall relate to the period beginning with the incorporation of the company and ending with a day which shall not precede the day of the meeting by more than 9 months (Section 210).

E.g. A company is incorporated on 1st June 2010, AGM may be held on 31st December 2011 (18 months from DOI) and the accounts laid before the meeting will relate to the period 1st June 2010 to 31st March 2011 (FY April to March)(Account closing date within 9 months from the date of meeting).

However if the company is incorporated say on 1st July 2010, AGM may be held on or before 31st January 2012 but if the AGM is held on 31st January 2012, the laying of accounts before the first AGM for the period 1st July 2010 to 31st March 2011 (FY April to March)will exceed the limit of 9 months specified in Section 210 and hence, the AGM must be held on or before 31st December 2011.