Regarding not holding agm

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ankita (Querist)

16 October 2012 The comapany has not held AGM for last 4 years. Now the company has held AGM on 30th December, 2011 (for year ended on 30th june,2011). The company wants to adopt 4 years balance sheet in this AGM (30th December, 2011). Can co do this. If no then provide procedure.

Ajay Mishra

Ajay Mishra (Expert)

16 October 2012 Hi

No it is not possible to adopt balance sheet of last four year at the one meeting.

Section 210(5) of the Act, provides that 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 ten thousand rupees, or with both. Provided that in any proceedings against a person as aforesaid, it shall be a defence to prove that a competent and reliable person was charged with the duty of seeing that the provisions of this section were complied with and was in a position to discharge that duty. Further provided that no person shall be sentenced to imprisonment for such offence unless it was committed willfully.

Ajay Mishra

Ajay Mishra (Expert)

16 October 2012 Hi

Laying of annual accounts and balance sheet before annual general meeting Only audited balance sheet and profit and loss account are to be laid before a company in annual general meeting. Un-audited balance sheet and profit and loss account cannot be laid before a company in annual general meeting.
Section 210 casts an obligation upon the Board of directors of a company to lay down balance sheet and profit and loss account before each and every annual general meeting held in pursuance of section
166:—
(a) First Annual General Meeting.—The Board shall lay before company's first annual general meeting a balance sheet and a profit and loss account for 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 nine months — section 210(1) read with section 210(3)(a).
(b) Subsequent Annual General Meetings.—The Board shall lay before every annual general meeting a balance sheet of the company and a profit and loss account relating to the period beginning with the day immediately after the period for which the account was last submitted and ending with a day which shall not precede the day of the meeting by more than six months.
In case where an extension of time for holding the subsequent annual general meeting has been granted by the Registrar under section 166(1), the balance sheet and profit and loss account shall relate to the period beginning with the day immediately after the period for which the account was last submitted and ending with a day which shall not precede the day of the meeting by more than six months and the extension so
granted.

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