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Annual general meeting not held in 12 months

Tejal (CS) (123 Points)

06 July 2012

My Company has extended its Previous year to 18 months i.e. from 1st April 2010 to 30th September, 2011. Annual General Meeting was held on 19th December, 2011 within the limits of 15 months.

This year Current Financial year they are again extending the F.Y. by 18months i.e. from 1st October, 2011 to 31st March, 2013.

So my query is when we should hold AGM for the Current financial year?

If we hold after 31st March, 2013 then the gap between the 2 AGM will be more then 15 months.

Do we have to conduct AGM every year even if extension taken.

Please reply as earlier as possible.

Its urgent.

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8 Replies

Parashar (Company Secretary 2004) (1013 Points)
Replied 06 July 2012

The provisions of Section 166 read with section 210 has to be complied with irrespective of the extention of the financial year. The gap between two AGM'S must not be more than 15 months and the annual accounts must be laid before the members within 6 months from the end of the financial year except when the extention of AGM is taken from the ROC with due procedure and compliance.

Experts correct me if i am worng.

Think green be green.

Tejal (CS) (123 Points)
Replied 06 July 2012

Thank u Sir..

It means i have to apply for extension of AGM too.

CS Mitesh Mehta (Company Secretary) (17139 Points)
Replied 07 July 2012

Every AGM of a company must be held within 6 months from the date on which the financial year for which a Profit & Loss Account is prepared, ends.

sangram ghatge (company secretary in practice) (198 Points)
Replied 07 July 2012

dear tejal,

financial year cannot be more than 15 months. hence the extension of financial year to 18 months by ur company is not valid.

regds,

sangram 9422622828.

CS Mitesh Mehta (Company Secretary) (17139 Points)
Replied 07 July 2012

Note that Financial year may extend to eighteen months where special permission has been granted in that behalf by the Registrar by making application to ROC in e-Form 61.

Tejal (CS) (123 Points)
Replied 09 July 2012

I am totally agree with Mitesh Sir. But now my question is, now as we have taken extension for 18 months we wont be able to hold AGM in the year of 2012.

So is it compulsory to hold AGM every year?