Companies act 1956 - urgent query

Option I:

 

First financial year can be of  15 months upto 31.3.2015.

 

Option II:

 

If first financial year is closed on 31.3.2014, paid up share capital will have to be shown as Rs.50 lacs and amount not paid till 31.3.2014 will have to be shown as  debt due from the  shareholder to the company u/s 10(2).  You may also check paid up capital shown at the time of getting certificate of commencement of business.

Dear Sir , 

But  if the Company's first AGM is to be held in or after April, 2014, aren't provisions of CA 2013 will be applicable, and if they do, AGM is to be held within 9 months of the last fianacial year and for us it is 31st March, 2014 and have to proceed with the same balancesheet.

Correct me if i am wrong.

Rgds

Nidhi