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Failure to held First AGM on time

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Rohan Raj Singh Solanki

16 Points Posted on 17 September 2020

What if first AGM has not been held on time ? and when we can held first AGM if due date has expired for holding ?
What are the consequences?

Replies (2)

Quick Summary

If a company fails to hold its first Annual General Meeting (AGM) within nine months of its first financial year-end, there are serious consequences. No extensions are granted by authorities. However, any company member can apply to the Tribunal, which can then call or direct the calling of the AGM and issue further instructions. Companies may also receive notices from the MCA for compounding offences or can initiate the process themselves.

Akshat Varaiya

229 Points Posted on 17 September 2020

First AGM shall be held within a period of 9 months from the closing of first financial year.
If company fails to hold First AGM no extension by authority is possible.
Consequences : On application of any member of the company, Tribunal may call or direct the calling of AGM of the company and give ancillary directions to the company.