AGM Reg

This query is : Resolved

S.Jegadeesan (Querist)
Follow

30 December 2010 Dear Sir,
I want to clarify one doubt relating to AGM, i.e. a company incorporated in March 15th 2009 & It is held its First AGM on 05th Dec.2010.Whether it is Legally Valid?

If not what will be the exact Due Date for First AGM?

Regards,
S.jegadeesan.

CA Sanat Pyne

CA Sanat Pyne (Expert)
Follow

30 December 2010 First AGM should be held within 18 month from the date of incorporation.
In this case agm should be held by latest 14th sept 2010.

S.Jegadeesan

S.Jegadeesan (Querist)
Follow

30 December 2010 Dear Sir,
Thanks for your reply .But I think another one option is also available.i.e. 9 month from the end of the financial year.
Actually which one should I take while considered the AGM?

Upgrade to CAclubindia Pro. Subscribe Now!

Jayashree S Iyer

Jayashree S Iyer (Expert)
Follow

31 December 2010 As per Section 166 of the Companies Act, first AGM should be held within a period of not more than eighteen months as clarified by Sanat.
The option of 9 months specified in Section 210 relates to drawing up of annual accounts. It states that P&L account shall relate in the case of the first AGM, to the period beginning with the incorporation of the company and ending with a day which shall not precede the day of the meeting by more than nine months.
So in your case you had the option of having your first financial year from 15th March 2009 and 31st March 2010. If first year closing was done by you on 31st March, 2010,then first AGM could be held on or before 14th September 2010.
However if you had drawn up your first year accounts from 15th March 2009 to 31st March 2009, then the first AGM should be latest by 31st December 2009 as per Section 210(3)(a).