plz any one suggest on the following issue,
A privated limited company conducted AGM in sep 2012 and no auditor is appointed in that agm,and previous auditor was not removed.
After that it is not conducted the AGM for 2 years ,
Now company wants to appoint statutory auditor for past 2 years and AGM with back dated with unaudited financial statements.
Tell me the process of above.
Not conducted AGM for past two years...?
Every type of company, must once in a year hold an annual general meeting as per Section 166 of the Companies Act, 1956. Not more than 15 months must elapse between the date of one annual general meeting and that of the next.In the case there is any difficulty in holding any annual general meeting (except the first annual meeting), the Registrar may, for any special reasons shown, grant an extension of time for holding the meeting by a period not exceeding 3 months provided the application for the purpose is made before the due date of the annual general meeting.
Penalty in case of default- Fine which may extend to Rs. 50,000 on the company and every officer of the company who is in default may be levied and for continuing default, with a further fine of Rs. 2500 per day during which the default continues may be levied
Provisions and procedure for compounding of offences: In the process of compounding, the person may either Suo Moto or on receipt of notice of default/initiation of prosecution, admits the commission of default and make an application for compounding of the concern offence. The penalty as ordered by the Central Government will be paid by the defaulter.
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