05 March 2008
A public listed company (now delisted by BSE from 2004)could not held its AGMs from 2002 onwards as the operations were closed due to cumulative effect of various factors and Court receiver having taken physical possession of the records and premises.
New management has now stepped in and they want to streamline the affairs. Accordingly the AGMs of all past 6 years from 2002 to 2007 are to be held now. My queries are:
1. Can we show the AGMs as held during respective years and adjourned due to non availability of accounts but approving rotational appointments of directors ?
2. What should the Notice of AGMs now proposed to be held state in light of the above ?
05 March 2008
1. It is not possible because of no. of years involved as also failures on Annual Return and Balancesheet.
Now that you say that the old management is out and new one has taken over, and the intention seems to be cleaning up see whether compounding would also help. You can have a frank discussion with the ROC in this regard.
CAclubindia
