26 June 2013
Can we conduct AGM without adopting accounts and not appointing auditors for any financial year under the provisions of Companies Act, 1956?
If the accounts are not ready for being laid at the meeting the usual practice is to hold the meeting, transact all the business except the adoption of accounts and then adjourn the meting to a later date for adoption of accounts. But the later date also has to be within the statutory time limit. But, if the police has seized the accounts books of the company, then the inability of the directors to call the AGM is not an offence. [Asian Udyog Pvt. Ltd. (1961) 31 Comp Cas 269].
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