Statutory meeting

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 June 2012 Dear All,

One limited company was incorporated in April, 2010 but has not held a statutory meeting within a period of six months which is a requirement of section 165.

The company has not started any operations till yet.

So what should be done?
What shall be the consequences of not filing the statutory report with ROC.

Please help.........

Ajay Mishra

Ajay Mishra (Expert)
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21 June 2012 Hi

PROCEDURE FOR STATUTORY MEETING

1. Convening and Conducting of Statutory Meeting: As the statutory meeting is a meeting of the members of a company, all the provisions of general meeting under section 171 to 187B will be applicable.
2. Statutory Report: The Board of Directors shall prepare a statutory report containing all particulars as setout in sub-section (3) of section 165, in the prescribed e-Form-22.
3. Certification of Statutory Report: The Statutory Report is required to be certified by two or more director, one of them shall be the managing director, if there is one for correctness of the report. The said report is also certified by auditors of the company for correctness in respect of the shares allotted, cash received on allotment of shares and receipt and payments of the company.
4. Notice of Statutory meeting: At least 21 days notice should be given to all the members of the company for convening statutory meeting. Notice must says that meeting is intended to be statutory meeting. A statutory meeting may also be called at shorter notice.
5. Adjournment of Statutory Meeting: Statutory Meeting may adjourn from time to time and at any adjourned meeting, any resolution for which resolution has been given may be passed. The adjourned meeting shall have the same powers as an original meeting.
6. Filing of Statutory Report with Registrar: The Board of Directors of a company shall deliver a copy of the said report in e-Form electronically to the Registrar, digitally certified by directors and auditors as above along with filing fee after copy of the same have been sent to the members.
7. Penalty: If default is made in complying with the provisions of section 165 of the Act, every director or other officer of the company, who is in default shall be punishable with fine, which may extended to Rs. 5000. Failure to file statutory report or to hold statutory meeting are valid grounds for a petition for compulsory winding up of a company under section 433.

Regards

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