A private limited company has been incorporated on 24th Sept 2008. By what date is the first AGM to be held and by what date is Form 23 AC, Form 23ACA and Form 20B to be filed? What is the penalty for late filing of these Forms?
Suvarna Pathare (C.A) (78 Points)
02 March 2010A private limited company has been incorporated on 24th Sept 2008. By what date is the first AGM to be held and by what date is Form 23 AC, Form 23ACA and Form 20B to be filed? What is the penalty for late filing of these Forms?
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 03 March 2010
Kindly appreciate:
Let us first decide what is your financial year—your first financial year would be from 24.09.2008 to 31.03.2009 i.e. a period of 6 months and 07 days read with section 210(4).
Applicability of Section-166 read with section-210 suggest in your case
As per Section-166 last date for holding your AGM would be March 23, 2010 i.e. 18 months from the date of incorporation of the company.
As per section-210 Balance Sheet & Profit and Loss A/c shall lay before the members in case of first AGM within 9 months from the end of financial year i.e. last date for holding your AGM as per section-210 would be December 31, 2009.
Conclusion as per the rule of Harmonious construction
As per my opinion your first financial year is ending on March 31, 2009 and as per section-166 you may hold your first AGM up to March 23, 2010. But here if you follow section-166 blindly without application of section-210 then there would be violation of section-210 regarding presentation of Balance Sheet & Profit and Loss A/c to the members in the first AGM within 9 months from the end of financial year.
Final Answer—To conclude in your case last date for holding first AGM would be December 31, 2009 which is in line with the provisions of both the sections.
Best Regards
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 03 March 2010
Balance Sheet & Profit and Loss A/c
As per section-220 Balance Sheet & Profit and Loss A/c is required to be filed with ROC within 30 days of AGM. So last date of filing of form-23AC and 23ACA in your case would be January 29, 2010.
Annual Return
As per section-159 Annual Return is required to be filed with ROC within 60 days of AGM. So last date of filing of form-20B in your case would be February 28, 2010.
Views of other members solicited.
Best Regards
CourseCart.in
(Mentor at SHAYVIDZ Academy)
(3756 Points)
Replied 03 March 2010
fully agreed wid Ankur Sir..
Suvarna Pathare
(C.A)
(78 Points)
Replied 03 March 2010
Thank You Sir for your guidance.
But to avoid the delays and penalties if we extend the first financial year upto 30th Sept, 2009 and keep the second financial year from Oct '09 to March'10, I presume, we can then hold the AGM by 23rd March 2010. We will also be not violating sec 210 and can avoid penalties.
Request your views, Sir.
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 03 March 2010
Find below modified reply if we change the financial year.
Let us first decide what is your financial year—your first financial year would be from 24.09.2008 to 30.09.2009 i.e. a period of 1 year and 07 days read with section 210(4).
Applicability of Section-166 read with section-210 suggest in your case
As per Section-166 last date for holding your AGM would be March 23, 2010 i.e. 18 months from the date of incorporation of the company.
As per section-210 Balance Sheet & Profit and Loss A/c shall lay before the members in case of first AGM within 9 months from the end of financial year i.e. last date for holding your AGM as per section-210 would be march 31, 2010.
Conclusion as per the rule of Harmonious construction
As per my opinion your first financial year is ending on September 30, 2009 and as per section-210 you may hold your first AGM up to March 31, 2010. But here if you follow section-210 blindly without application of section-166 then there would be violation of section-166 regarding holding of AGM within 18 months from the date of incorporation.
Final Answer—To conclude in your case last date for holding first AGM would be March 23, 2010 which is in line with the provisions of both the sections.
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 03 March 2010
You have to record the first financial year in the first board meeting in the following way:
FIXATION OF FINANCIAL YEAR OF THE COMPANY
On the suggestion of Mr. Y, Director, the Board of Directors decided that the financial year of the Company be fixed from 1st October to 30th September and first financial year may start with September 24, 2008 and end on September 30, 2009 being a period of 1 Year and 07 days.
Suvarna Pathare
(C.A)
(78 Points)
Replied 03 March 2010
Can I keep the second financial year from 1st Oct '09 to 31st March'10 and all subsequent financial years from Apr to March?
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 03 March 2010
No.
However after successful filing for the first you may change the FY by passing a board reolution.
To be honest it would be gr8 if you could follow my first reply and keep your FY to april-March from the very beginning.
Sanjay Gupta
(Accounts Manager)
(22 Points)
Replied 04 March 2012
A private limited company has been incorporated on 26th August 2010. By what date is the first AGM to be held and by what date is Form 23 AC, Form 23ACA and Form 20B to be filed? What is the penalty for late filing of these Forms? can i use first year of company from 26/08/2010 to 25/08/2011 after that i change my financial year from april-march
Prasana Aditya P
(CA Final Student)
(52 Points)
Replied 12 June 2012
What is the time limit for filing of annual return from the end of the financial year?
Venkat
(Financial Analyst)
(45 Points)
Replied 18 October 2012
Dear Sir,
I have a case where the date of incorporation is 06th February 2010. By what time they should conduct their first AGM and what is the due date for filing ROC returns
YACHIKA BHATIA
(COMPANY SECRETARY)
(29 Points)
Replied 14 November 2013
YACHIKA BHATIA
(COMPANY SECRETARY)
(29 Points)
Replied 19 November 2013
If the Company is incorporated on 19.09.2012 and the financial year closes on 31.12.2012 then according to section 166 we need to hold the fist AGM by 18.03.2014 but as per section 210 we require it to hold till 30.09.2013(i.e 9 months from the date closing the FY),according to section 210 financial year is defined as 15 months from the end of financial year.
The question is if we go by companies act,1956 we can file an extension for holding and AGM but as per new companies act,2013 we need to change the FY from 1st April to 31st March,how should we hold our first AGM looking the financial concerns as well.
ACS GURPREET SINGH LL.B
(CS/LL.B)
(23 Points)
Replied 31 May 2014
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