CS MOHIT SALUJA
(PRACTICING CS Jalandhar 9914558709)
24 November 2013
As per section 2 (41), financial year means period ending on mar. 31 every year i.e. if a company is incorporated on even Mar. 30, we have to make accounts for 1 day.
As per section 96, there is a proviso that in case of First annual general meeting, it shall be held within 9 months from date of closing of first financial year
As in section 96, nothing has been mentioned about holding of AGM within 18 months of incorporation as was in CA, 1956.
So my question arise that can AGM be held within 21 months as per new CA, 2013. Take following example
Example; Company incorporate on Apr. 1, 2014. Its first financial year would be March 2015. And AGM can be held as per Section 96 is within 9 months from First Financial Year. if we hold AGM on December 2015. The total time gap is Apr. 2014 to March 2015= 12 months and holding AGM on Dec. 31, 2015= 9 months. Hence, 21 months in total
Does my understanding is right. Please share your views.