18 April 2017
Hello Everyone. Can a private limited company hold its first annual general beyond the 9 months from the end of the first financial year? If yes, What are the consequences need to be fulfilled by the company.
As per Act, Provided that in case of the first annual general meeting, it shall be held within a period of nine months from the date of closing of the first financial year of the company
if Company fails to hold AGM with in 9 month then follow below mentioned consequences will be on the Company.
99. If any default is made in holding a meeting of the company in accordance with section 96 or section 97 or section 98 or in complying with any directions of the Tribunal, the company and every officer of the company who is in default shall be punishable with fine which may extend to one lakh rupees and in the case of a continuing default, with a further fine which may extend to five thousand rupees for every day during which such default continues.
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