there is a change in the shareholding. The old Directors r now in minority. If they cannot get a/cs of previous yr passed in AGM, then who is liable for penalties / prosecution under ROC / MCA / I.Tax ? The Directors or the Company !
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Agm: what if accounts are not passed: who is responsible :
Replies (2)
Directors mean directors. It does not mean that they are in minority. They represent all the shareholders of the Company for working of the Company. If the accounts are not passed in PREVIOUS YEAR AGM, then Directors are responsible.
dear savita,
"Previous yr AGM " is not understood. I mean a/cs of previous yr 11-12 have to be passed in the AGM to be held this yr.
What happens if the majority shareholders refuse to pass the a/cs fr the yr 11-12.
DO u mean to say that the Directors for 11-12 are responsible !
What will be the action taken by the RoC - on the company , or on the Directors, or both..
What action will the Tax dept take on the Co. / on the Directors !
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