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Helding of AGM

UNNATI BHOJAK (chartered accountant) (162 Points)

29 June 2011

hello all,

this is the query : last agm date 30.09.2010, now suppose agm coundnt not be held till 30.12.2011.. so now can agm be held on 31.12.2011 presenting b/s and P&L account for the period 01.04.2010 to 30.06.2011....

any other remedy? penal provison under law??

thank u in advance

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6 Replies

suraj prakash choudhary (EMPLOYEE) (39 Points)
Replied 29 June 2011

dear madam

under section 166 of the companies act,1956 every company have to held its AGM within 15 months of previous AGM ,But ,provided further that registrar may , for any special reason ,extent the time within which the any annual general meeting shall be held ,by a period not exceeding three months.so you could held your AGM on 31-12-2011

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Arun Dogra (PCS) (42 Points)
Replied 30 June 2011

yes agree with suraj ........

UNNATI BHOJAK (chartered accountant) (162 Points)
Replied 30 June 2011

dear all. ( @ surajji & arunji)

i got the provision of Sec 166.. as per that for 15 moths gap my last date would be 31.12.2011 (dont want to go for speical permission)

but as per Sec 210 P&L to be presented at before 6 months from the date of agm.. so in that case i have to present financial report till 30.06.2011.. Right? That's my query.

Sunanda Mehta (trainee) (24 Points)
Replied 30 June 2011

To overcome the non-compliance situation, the department has advised that the annual general meeting of the company to be held earlier of the following dates:-

· six months from the date of the close of the financial year.

· Within 15 months from last annual general meeting

· Last date of next calendar year.

The department has issued a circular on this stating that section 166 and section 210 to be read together so as to get a harmonious construction and if a breach of the provisions of one or the other two section is to be avoided an annual general meeting to be held on the earlier of the three relevant dates as mentioned above.

As per the circular issued by the then Department of Company Affairs where a company holds its annual general meeting within the time prescribed under section 166, though such a meeting is held beyond the period of six months from the close of its financial year {as required under section 210(3)(b)}and the company files its annual return within 60 days of the holding of the said meeting, no action should be taken against the company for default of section 159 or 166 nor additional fee be levied in such a case in respect of the filing of the annual return and audited accounts..

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