03 January 2011
A private limited company held its AGM on 30/09/09 for the financial year ended on 30/06/09. In 2010 it was granted extension of financial year to 31/12/10 in terms of proviso to Sec 210(4). What will be the due date for holding AGM for financial year ended on 31/12/10 as extended? How is it practically possible to hold AGM in calendar year 2010 as per Sec 166?
03 January 2011
The financial year 2009-10 has been exended to 18 months. From 01.07.2009 to 31.12.2010.
In my opinion, the due date of the AGM for the FY 2009-10, will be 30.06.2011.
I think that there will be no violation of the provisions of section 166 of the Companies Act, 1956 as this is an exceptional case in which the FY of the company has been extended to 18 months.
However, let us wait for the view of other eminent experts.....
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