A Government company has approved its accounts in the Board meeting and submitted its Audit report to C & AG for its comments.
The due date for conducting of AGM is 10th July 2012. It expected that the report of C&AG shall be obtained only after 10th July 2012.
But According to Section 619 (4) the comments of C & AG has to be placed before the shareholders in AGM.
So, any one can kindly let me know the consequence of non-compliance of Section 619 (since no penalty is prescribed in the respective section) and suggest the remedy available to the company. With the reference, if any.
02 July 2012
1. Either apply for extension of time for holding AGM by passing necessary board resolution and filing in relevant e-form with ROC or 2. Hold the AGM, place accounts and adjourn it for placing comments of C&AG. then hold the adjourned AGM within statutory time limit.
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