Agm- very urgent

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 September 2012 Dear Sir,
we are a Pvt. Ltd. co., if we held our AGM in October instead of September i.e. as per Sec. 166 but after the time specified U/s 210 (delaied, then what will be the penalty for the company & director.
Pls explain in detail.

many thanks

rahul

CA AYUSH AGRAWAL

CA AYUSH AGRAWAL (Expert)
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18 September 2012 If any person, being a director of a company, fails to take all reasonable steps to comply with the provisions of this section, he shall, in respect of each offence, be punishable with imprisonment for a term which may extend to six months, or with fine which may extend to 2[ten thousand rupees], or with both:

Provided that in any proceedings against a person in respect of an offence under this section, it shall be a defence to prove 3[***] that a competent and reliable person was charged with the duty of seeing that the provisions of this section were complied with and was in a position to discharge that duty:

Provided further that no person shall be sentenced to imprisonment for any such offence unless it was committed wilfully.

Querist : Anonymous

Querist : Anonymous (Querist)

18 September 2012 Dear Ayush,
As we are conducting our AGM in October that means we are complying Sec 166 so penalty U/s 168 will not be leviable however provision of sec 210 are not complied so penalty u/s 210(5) will be leviable.
Pls clarify whether my view is correct.

Thx

Rahul

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CA AYUSH AGRAWAL

CA AYUSH AGRAWAL (Expert)
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18 September 2012 Dear Penalty Provision are Same.

1. Nature of Default –Section – 168 - Failing to hold AGM in accordance with section 166
Penalty - 50,000/- + 2,500 per day.
Persons to be held responsible for offence – The Company and every officer of the company who is in default.

2. Nature of Default – Section – 220(3)- Failure to file Annual Accounts with MCA
Penalty - Rs.500/- per day
Persons to be held responsible for offence – The Company and every officer of the company who is in default.

3. Nature of Default – Section – 210(5) (6) - Default in laying Accounts at the AGM
Penalty - Imprisonment up to 6 months or fine up to 10,000 or both.
Persons to be held responsible for offence – Any person, not being a director of the company.