Due date of AGM of Companies

Under the Companies Act, 2013, the timelines and rules for holding an Annual General Meeting (AGM) are as follows:

Statutory Due Dates for AGM

• First AGM: Must be held within nine months from the date of closing of the first financial year. It is not necessary for a company to hold an AGM in the year of its incorporation.

• Subsequent AGMs: Must be held within six months from the date of closing of the financial year.

• Gap Requirement: There must not be more than 15 months between the date of one AGM and the next.

Extension of Due Date

• Is it possible? Yes, the Registrar of Companies (ROC) has the authority to grant an extension for holding an AGM, but only for subsequent AGMs. The first AGM cannot be extended.

• Duration: The ROC may grant an extension for a period not exceeding three months for any "special reason."

• Process:

  1. The Board of Directors must pass a resolution authorizing the application for an extension, detailing the valid reasons (e.g., delay in finalizing accounts, natural calamities).

  2. The company must file an application in Form GNL-1 with the ROC before the statutory due date.

  3. Once the ROC reviews and approves the application, an order will be issued granting the extension.

Summary:

For a company, the first AGM must be held within 9 months and subsequent AGMs within 6 months of the financial year-end, with a maximum 15-month gap between meetings. While the first AGM cannot be extended, the ROC can grant up to a 3-month extension for subsequent AGMs upon the filing of Form GNL-1 with a valid reason.