Date of first agm

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Querist : Anonymous

Querist : Anonymous (Querist)

06 July 2013 Dear Friends,

We have a private limited company which was incorporated on 09/07/2008 and we have not filled any annual returns till date. And ROC has mentioned the company as defunct in the MCA Website.

Now the company wants to comply all the returns with ROC.

So plz plz guide me what the dates I am suppose to hold AGM's.

Please friends its is very much urgent. If possible give me the suggestions in layman language... I mean plz mention the dates also

Ajay Mishra

Ajay Mishra (Expert)
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06 July 2013 Hi

TIME-LIMIT FOR HOLDING THE FIRST ANNUAL GENERAL MEETING

A new company which is registered under the Act, shall hold its first annual general meeting latest within a period of eighteen months from the date of its incorporation, namely, the date on which the Registrar has issued the certificate of incorporation to the company. If the first annual general meeting is so held, it is not necessary for the company to hold another annual general meeting in the year of its incorporation or in the following year. It may also be noted in this connection that the accounts placed before the first annual general meeting shall be for the period beginning from the date of incorporation and ending on a day of financial year, which will not precede the first annual general meeting by more than nine months from the close of the first financial year of the company — section 210(3).

This may be illustrated by the following example: Date of incorporation of company 23-10-2010 Date by which the first annual general meeting ought to be held 22-04-2012 The holding of the first annual general meeting shall comply with the following criteria of the Act:—
(i) The gap between the last date of the accounting period and the meeting shall not exceed 9 months, and
(ii) The second annual general meeting shall be held during the third year of incorporation.

Therefore, in the above example assuming that the first accounts shall be for the period from 23-10-2010 to 31-3-2011 The first AGM was to be held on or before (within a gap of nine months) 31-12-2011 The accounts for next period will end on 31-03-2012 The second AGM will be held on or before (namely the third year after incorporation) 30-09-2012

In the above example, since it was proposed to close the first accounts as on 31-03-2011, the first annual general meeting could be held before 31-12-2011 and the second annual general meeting could be held during the third year of incorporation. As explained above there is no need to hold annual general meeting in the first calendar year of its incorporation, i.e. 2010

Ajay Mishra

Ajay Mishra (Expert)
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06 July 2013
TIME-LIMIT FOR HOLDING SUBSEQUENT ANNUAL GENERAL MEETINGS

As mentioned above, every company shall hold every year an annual general meeting and ordinarily there shall not be a gap of more than fifteen months between two such meetings. Further that in terms of the provisions of section 210 an annual general meeting shall be held within a period of six months from the end of the financial year whose accounts are proposed to be considered at the said annual general meeting. Accordingly, it is the rule that a company whose financial year ends on 31st March, shall hold its annual general meeting by 30th September every year.

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Querist : Anonymous

Querist : Anonymous (Querist)

06 July 2013 Thanks for the reply Ajay.

But I have question. Can there by 2 Financial year one under sec 210 and another under Sec 166.

Ajay Mishra

Ajay Mishra (Expert)
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06 July 2013 No, section 166 says that first AGM should be completed with in maximum 18 months and section 210 says the first annual account should be made for maximum 15 months.

Querist : Anonymous

Querist : Anonymous (Querist)

06 July 2013 Then which section do we need to apply. we cannot apply both the sections.

Ajay Mishra

Ajay Mishra (Expert)
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06 July 2013 Yes both section will apply. You check what your first board meeting is saying about time period of first financial year.

Querist : Anonymous

Querist : Anonymous (Querist)

06 July 2013 Oh Okay Sir, Thanks a lot.

So, as per my requirement out company is incorporated on 09/07/2008.

So if section 210 applies the AGM should be held within 31/12/2009 i,e within 9 months from closing Financial year

and if section 166 applies it should be held with 18 months i.e, on 09/07/2010. So our first financial year will be from 09/07/2008 to 31/03/2010

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