31 August 2010
XYZ company's accounts are not audited. the company held the AGM before due date and adjorned the same for adoption of annual accounts. The maximum period within which the AGM must be held has expired, the company dint take any extension. Will the directors be still in default for not holding the AGM?? Since the AGM could nt be concluded for presenting of annual accounts.
Penalty under section 210 shall apply.
Please advise as to what shall be the penalty for not concluding the AGM.
U r liable under two different section i.e. Sec 168 for not holding AGM the Liablity of penalty may extend to Rs. 50000 and 210 (5)for not laying B/s and P& L the penalty for which is Rs.10000 or Imprisonment for which ROC may launch prosecution.
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