Help needed about board & general meetings

Meetings 1303 views 3 replies

CA Ankit Mittal

Charterd Accountant

118 Points Joined January 2011

Hello,

I have a client who has Private LImited Compnay incorporated on 30th September 2010.

He wants me to draft Notice and Minutes of the First Board Meeting, General Meeting and Subsequent Board meetings and General Meetings too.

Thing is I did not do this work during my articleship and only have theoretical knowledge about it like section 285 that says 4 board meetings to be held in a year. I have few questions

1) Does section 285 applies on Pvt. Ltd. Companies too. Do Pvt. Ltd. companies also require to have 4 board meetings every year?

2) Upto what date should first Board Meeting and First Annual General Meeting should be held

3) what would be the dates of subsequent Board Meetings and Annual general Meetings

Please note that Company is incorporated on 30th September 2010

Thank You in anticipation of your reply

Replies (3)

Tanveer Md Masood

Indispensable

361 Points Joined July 2012

HI ANKIT,

SEC.285 CLEARLY STATES THAT IN CASE OF EVERY COMPANY( PUBLIC AND PRIVATE) BM SHOULD BE HELD ONCE IN EVERY 3 MONTHS AND ATLEAST 4 SUCH BM SHOULD BE HELD IN A YEAR.

AS PER SEC.166 OF THE COMPANIES ACT,1956 , AGM SHOULD BE HELD WITH IN 18 MONTHS FROM THE DATE OF INCORPORATION OF THE COMPANY, AND IF SUCH MEETING IS HELD WITHIN THIS PERIOD OF 18 MONTHS NO SUCH MEETING IS REQUIRED TO BE HELD DURING THAT YEAR. FURTHERMORE, 15 MONTHS PERIOD SHOULD NOT ELAPSE BETWEEN THE DATE OF ONE MEETING AND THAT OF THE NEXT.

REGARDS,

TANVEER MD MASOOD

CS(PROFESSIONAL STAGE).

Kamal Lahoty

Practising Company Secretary

274 Points Joined August 2011

Section 224 (5) says "The first auditor or auditors of a company shall be appointed by the Board of directors within one month of the date of registration of the company; and the auditor or auditors so appointed shall hold office until the conclusion of the first annual general meeting"

Going by the above provision first Board Meeting should be held within one month from the date of Incorporation.

Swagatam Khandelwal

Company Secretary

107 Points Joined March 2010

First Board Meeting should be held within 30 days from the date of incorporation as explained by Ms. Kamal. However it is advisable to hold the first Board Meeting within 2-3 days of incorporation since the share certificates are to be issued, bank account has to be opened, common seal has to be adopted etc.

First Agm of the Company can be held within 18 months from the date of incorporation u/s 166. However Sec 210 (4) says that the P&L a/c of the Company must be presented to the members within 9 months from the end of Financial Year. Hence in your case considering the Financial Year ends on 31/03/2011, the due date of 1st AGM will be 31st December, 2011