07 August 2010
We want to make an application to ROC for the extension of time for holding the AGM.
1. My question is that whether approval of Board of Directors is required for filing an application and what is the time limit for filing application if the due date for the AGM is 30th September.
2. What are the valid reasons for which ROC may grant extension? Seizure of books of accounts or natural calamity is not applicable in our case. We want some general reasons.
1. Convene a Board Meeting after giving notice to all the directors [Section 286] to discuss besides others the following matters.
· Pass (resolution) after taking decision to make an application to the concerned ROC for extension of time for holding the Annual General Meeting.
2. If case the shares of the company are listed on a Stock Exchange, the following must be done:-
Inform the Stock Exchange with which shares of the company are listed about the date of this meeting prior to the board meeting. [Clause 19 of the Standard Listing Agreement]
3. If case the shares of the company are listed on a Stock Exchange, the following must be done:-
Inform the said Stock Exchange within 15 minutes of the board Meeting, of the outcome of the meeting by letter or fax.
4. The application to the concerned ROC must be made before the expiry of 15 months from the date of the holding of the last Annual General Meeting.
5. The application must be made in (E-Form 61) with the following attachments.
· Board Resolution passed for the purpose of making the application and also for digitally signing the e-form.
· Detailed application containing the reason for extension and the period for which extension is required
6. Make the payment of requisite fees prescribed by the Companies [Schedule X] of the Companies Act, 1956.
7. Fees can be paid through Credit Card / by cash / by cheque in favour of “MCA Collection Account ICICI Bank” at the prescribed rates. (Fee Calculator)
07 August 2010
What are the valid reasons for which ROC may grant extension? Seizure of books of accounts or natural calamity is not applicable in our case. We want some general reasons.
07 August 2010
Could you mention your reason as to why the AGM is actually getting extended as still 20 days are left to finalise the accounts and to call for an AGM?
07 August 2010
Extension is not granted on general reason.
"The Registrar will not grant extension unless there is some "special reason" for not holding the meeting within the stipulated period. Delay in the completion of audit of accounts is not a "special reason". However, if due to some unforeseen and unexpected difficulty beyond the control of the company due to which in spite of planning and efforts it could not complete the audit that will be a special reason for obtaining extension of time."
CAclubindia
