Statutory requirements to be followed

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Manoj Prasath (Querist)
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10 October 2011 Hi all
It would be most helpful if someone can shed some light on the following matters.

A private limited company and formed and certificate of incorporation has been issued on 24.03.2010.

What are all the statutory requirements to be followed by the company regarding :
1. holding of AGM
2. filing of annual returns.
3. Appointment of auditors.
4. No of board meetings that should have been conduted.
5. whether the AGM conducted can be inclusive for both financial years, i .e., 2009-10 and 2010-11
and also any other matters to be taken care off.

Thanks in advance.

CS Priyanka Jaiswal

CS Priyanka Jaiswal (Expert)
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11 October 2011 1. HOLDING OF AGM...
As per scetion 166 of Companies act, 1956...the first AGM can be held within a period of 18 months from the date of incorporation which shall serve the purpose of AGM for the incorporation year as well as the following year....
It means your company can hold its AGM within 24.09.2011 which shall be considered as AGM for 2009-10 and 2010-11...you will now require to hold the next AGM on or before 30th Sept 2012 for the year ending 2011-12.

2. Filing of Annual Returns..
All the annual accounts and annual returns are to be filed within 30 days from the date of AGM with the ROC in form 23AC, 23ACA, 20B and if your company's paid up capital is more than 10 lakhs then also form 66 for compliance certificate which you need to get certified from a PCS.

3. Appointment of Auditors...
The First auditors of the company is appointed by the Board of Director and they are subsequently re-appointed or newly appointed at the AGM.

4.Board Meetings...
As per section 285, a company is require to hold atleast 4 Board meeting in a financial year with atleast 1 meeting falling within a block of 3 months i.e, Jan-Mar, Apr-Jun, Jul-Sept, Oct-Nov.

5. For your Point no. 5 i have already explained in point no. 1.

Hope you are now clear with evrything...

Manoj Prasath

Manoj Prasath (Querist)
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11 October 2011 Thank you very much Priyanka. will get back to you in case of any more doubts.

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V.Rajan

V.Rajan (Expert)
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12 October 2011 Time-limit for holding subsequent annual general meetings
As mentioned above, every company shall hold every year an annual general meeting and ordinarily there shall not be a gap of more than fifteen months between two such meetings. Further that in terms of the provisions of section 210 an annual general meeting shall be held within a period of six months from the end of the financial year whose accounts are proposed to be considered at the said annual general meeting. Accordingly, it is the rule that a company, whose financial year ends on 31st March, shall hold its annual general meeting by 30th September every year.

4. Filing of Annual Return
Every company (whether public or private having a share capital, as well as every company not having a share capital, is required to file annual return with the Registrar within sixty days from the day on which each of the annual general meetings is held.

Consequences of not filing the annual return are very serious. If a company fails to comply with any of the provisions contained in section 159, 160, or 161, the company, and every officer of the company who is default, shall be punishable with fine which may extend to five hundred rupees for every day during which the default continues. If the annual return is not filed continuously for three financial years, then any director of such public limited company shall not be eligible for appointment as a director of any other public company for a period of five years from the date on which such public company in which he is a director failed, inter alia, to file annual returns