Appointment of auditor & date of agm

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 October 2013 A Private Limited Company has been incorporated in December 2011. I want the clarification regarding the last date of AGM for the year 2011-12 if books are closed on 31st March 2012.When the Auditor appoint is to done? if the directors are failed to appoint within one month what is the remedy available?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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26 October 2013 appoint the auditor back dated in January 2012. The Date of AGM should be on or before 30 September 2012.

All your documents are to backdated and filed with ROC with late fees.

Ankur Garg

Ankur Garg (Expert)
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26 October 2013 Appointment of first auditor is governed by section 224(5).
First Auditor should be appointed within 30 days of incorporation of the company.

As per section 210 First AGM can be held within 9 month. hence in your case AGM can be held till 31.12.2012.

Regards

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Ganeshbabu K

Ganeshbabu K (Expert)
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27 October 2013 Agreed with Ankur sir opinion
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1)***A Company may hold its Annual General Meeting within a period of 18 months from the date of its incorporation. If such AGM is held within that period, it shall not be necessary for the company to hold any AGM in the year of its incorporation or the following year.
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2)**As per Section 210 of the Companies Act, 1956, the Company must lay before the Annual General Meeting, the profit and loss account within 9 months of the close of its first financial year in case of its First Annual General Meeting and within 6 months of the close of its relevant financial year in case of subsequent Annual General Meeting.
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As per above interpretations 1&2 the first annual general meeting of the company must be held with in 18 month from the date of incorporation or within 9 months from the close of its first financial year, whichever is earlier.
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Which will be 31.12.2012****************************

Ganeshbabu K

Ganeshbabu K (Expert)
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27 October 2013 APPOINTMENT OF FIRST AUDITOR:-
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As per sub-section (5), the power to the appointment of the first auditor of a company is vested in the Board. According to it, the Board must appoint the first Auditor within one month from the date of registration of the company. The date of registration means the date mentioned at the foot of the certificate of incorporation issued by the Registrar. The first auditor appointed by the Board shall hold office until the conclusion of the first annual general meeting of the company.
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*******In case the Board does not appoint the first auditor pursuant to sub-section (5), the appointment may be made at a general meeting. The limit of 30 days for the appointment of the first auditor stipulated under section 224(5), is not applicable in the case of appointment of the first auditor by the members in a general meeting. The appointment at a general meeting will be made by an ordinary resolution.
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