Extension of agm date
This query is : Resolved
07 October 2013
Last AGM held on 30th sep, 2012
AGM not held on 30th sep, 2013.
Can we file Application for Extension of AGM date?
iy yes, when?
Last AGM held on 30th sep, 2012
AGM not held on 30th sep, 2013.
Can we file Application for Extension of AGM date?
iy yes, when?
07 October 2013
Hi
The power of the Registrar conferred by the second proviso to section 166(1) enabling him to grant extension of time to hold the annual general meeting is exercisable by the Registrar without restriction or qualification up to a limit of three months. He can, therefore, grant extension of time for special reasons up to the maximum limit of three months, even if such extension allows the company to hold its general meetings beyond the calendar year.
The Registrar shall grant an extension of time for holding the annual general meeting of a company under the second proviso to sub-section (1) of section 166 only when the application for such extension is made to him before the expiry of the period laid down in sub-section (1) of that section. Therefore, if a company considers that it will not be possible for a company to hold the annual general meeting within six months from the conclusion of the financial year, the company shall make an application in the prescribed e-Form 61 (prescribed by the Notification No. GSR 56(E) dated 10th Feb., 2006 by the MCA) electronically with the Registrar before the due date for holding the said meeting. The application may be made by a letter giving full justification for seeking extension of time certified by the chartered accountant or company secretary or cost accountant in practice.
The power of the Registrar conferred by the second proviso to section 166(1) enabling him to grant extension of time to hold the annual general meeting is exercisable by the Registrar without restriction or qualification up to a limit of three months. He can, therefore, grant extension of time for special reasons up to the maximum limit of three months, even if such extension allows the company to hold its general meetings beyond the calendar year.
The Registrar shall grant an extension of time for holding the annual general meeting of a company under the second proviso to sub-section (1) of section 166 only when the application for such extension is made to him before the expiry of the period laid down in sub-section (1) of that section. Therefore, if a company considers that it will not be possible for a company to hold the annual general meeting within six months from the conclusion of the financial year, the company shall make an application in the prescribed e-Form 61 (prescribed by the Notification No. GSR 56(E) dated 10th Feb., 2006 by the MCA) electronically with the Registrar before the due date for holding the said meeting. The application may be made by a letter giving full justification for seeking extension of time certified by the chartered accountant or company secretary or cost accountant in practice.
07 October 2013
Application for extension of time under section 166(1), second proviso to be made before the expiry of the period
The Department's view is that the Registrar should grant an extension of time for holding the annual general meeting of a company under the second proviso to sub-section (1) of section 166 only when the application for such extension is made to him before the expiry of the period laid down in sub-section (1) of that section.
Source: Company News and Notes July 1, 1963 issue.
Application for extension of time under section 166(1), second proviso to be made before the expiry of the period
The Department's view is that the Registrar should grant an extension of time for holding the annual general meeting of a company under the second proviso to sub-section (1) of section 166 only when the application for such extension is made to him before the expiry of the period laid down in sub-section (1) of that section.
Source: Company News and Notes July 1, 1963 issue.
07 October 2013
CAN WE NOW FILE FOR EXTENSION OF AGM?
07 October 2013
I dont think you can file it now.. The second proviso to section 166(1) empowers the Registrar to extend time for holding an annual general meeting, however the Registrar can grant an extension of time for holding the annual general meeting of a company only when the application for such extension is made to him before the expiry of the period laid down in sub-section (1) of section 166.
07 October 2013
Section 166 reproduced below:
Section 166 in The Companies Act, 1956
166. Annual general meeting. 1[
(1) Every company shall in each year hold in addition to any other meetings a general meeting as its annual general meeting and shall specify the meeting as such in the notices calling it; and not more than fifteen months shall elapse between the date of one annual general meeting of a company and that of the next: Provided that a company may hold its first annual general meeting within a period of not more than eighteen months from the date of its incorporation; and if such general meeting is held within that period, it shall not be necessary for the company to hold any annual general meeting in the year of its incorporation or in the following year: Provided further that the Registrar may, for any special reason, extend the time within which any annual general meeting (not being the first annual general meeting) shall be held, by a period not exceeding three months.]
(2) Every annual general meeting shall be called for a time during business hours, on a day that is not a public holiday, and shall be
1. Subs. by Act 65 of 1960, s. 43, for sub- section (1).
held either at the registered office of the company or at some other place within the city, town or village in which the registered office of the company is situate 1[ : 2[ Provided that the Central Government may exempt any class of companies from the provisions of this sub- section subject to such conditions as it may impose: Provided further that-
(a) a public company or a private company which is a subsi- diary of a public company, may by its articles fix the time for its annual general meetings and may also by a resolution passed in one annual general meeting fix the time for its subsequent annual general meetings; and
(b) a private company which is not a subsidiary of a public company, may in like manner and also by a resolution agreed to by all the members thereof, fix the times as well at the place for its annual general meeting.]
Section 166 specified 15 months between two AGM.
Last AGM was held on 31/09/2012.
As per Section 166, AGM can be held by 31/12/2013?
Is it correct without extension?
Section 210, specifies for the books of accounts to laid before AGM HELD WITHIN 6 MONTHS FROM THE END OF FY.
SECTION 166 PREVAILS OVER SECTION 210?
THERE REQUIRES COMPLIANCE OF SECTION 210?
AS BOOKS COULD NOT BE LAID BEFORE AGM AS IT WAS NOT HELD.
IS IT REQUIRED CONDONATION OF DELAY FOR NOT APPROVAL OF BOOKS BEFORE AGM HELD WITHIN 6 MONTHS OF ENDING FY?
Section 166 in The Companies Act, 1956
166. Annual general meeting. 1[
(1) Every company shall in each year hold in addition to any other meetings a general meeting as its annual general meeting and shall specify the meeting as such in the notices calling it; and not more than fifteen months shall elapse between the date of one annual general meeting of a company and that of the next: Provided that a company may hold its first annual general meeting within a period of not more than eighteen months from the date of its incorporation; and if such general meeting is held within that period, it shall not be necessary for the company to hold any annual general meeting in the year of its incorporation or in the following year: Provided further that the Registrar may, for any special reason, extend the time within which any annual general meeting (not being the first annual general meeting) shall be held, by a period not exceeding three months.]
(2) Every annual general meeting shall be called for a time during business hours, on a day that is not a public holiday, and shall be
1. Subs. by Act 65 of 1960, s. 43, for sub- section (1).
held either at the registered office of the company or at some other place within the city, town or village in which the registered office of the company is situate 1[ : 2[ Provided that the Central Government may exempt any class of companies from the provisions of this sub- section subject to such conditions as it may impose: Provided further that-
(a) a public company or a private company which is a subsi- diary of a public company, may by its articles fix the time for its annual general meetings and may also by a resolution passed in one annual general meeting fix the time for its subsequent annual general meetings; and
(b) a private company which is not a subsidiary of a public company, may in like manner and also by a resolution agreed to by all the members thereof, fix the times as well at the place for its annual general meeting.]
Section 166 specified 15 months between two AGM.
Last AGM was held on 31/09/2012.
As per Section 166, AGM can be held by 31/12/2013?
Is it correct without extension?
Section 210, specifies for the books of accounts to laid before AGM HELD WITHIN 6 MONTHS FROM THE END OF FY.
SECTION 166 PREVAILS OVER SECTION 210?
THERE REQUIRES COMPLIANCE OF SECTION 210?
AS BOOKS COULD NOT BE LAID BEFORE AGM AS IT WAS NOT HELD.
IS IT REQUIRED CONDONATION OF DELAY FOR NOT APPROVAL OF BOOKS BEFORE AGM HELD WITHIN 6 MONTHS OF ENDING FY?
07 October 2013
The said provision is only talking of holding AGM in time. When you talking about 15 moths then it not give you liberty to wait for expiry of period.
In your case, your filing period is expired on 30.09.2013.
In your case, your filing period is expired on 30.09.2013.
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