AGM and Accounts

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 April 2011 If a company is incorporated in Dec 2009, when should it have its first AGM and what is the maximum period within which it should close its accounts.

If the company still has not closed its accounts or had its AGM what is the recourse to the company?
Please advise.

Please advise as to what period the company can close its accounts and when it can have its forst and second AGM

udit sharma

udit sharma (Expert)
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06 April 2011 Hi...

As per the provisions of section 166 of the Companies Act, 1956 every Company is required to convene its First AGM within 18 months from the date of incorporation. Your Company was incorporated in Dec. 2009, so have to convene the first AGM of the Company in or before June, 2011.

In case the first financial year of the Company is from Dec2009 to March 31, 2010, the First AGM should be held on or before 31st Dec. 2010 as per the provisions of Section 210 of the Companies Act, 1956.

If the Second financial year of the Company is from 01.04.2010 to 31.03.2011, the second AGM should be held on or before 30.09.2011.

Jayashree S Iyer

Jayashree S Iyer (Expert)
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06 April 2011 Since you have not closed your accounts yet, you can have your first accounting period from Dec. 2009 to 31/03/2011 and hold your first AGM before June, 2011.

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