30 December 2014
As per New Companies Act, the time limit of first AGM is within 18 months from the date of incorporation. Hence in your case the due date will be 27/07/2014
30 December 2014
TIME LIMIT FOR HOLDING FIRST ANNUAL GENERAL MEETING (AGM) New Provisions under the Companies Act 2013 (section 96) a newly incorporated Company is required to hold its First Annual General Meeting within a period of nine months from the date of closing of the first financial year of the company. If a company holds its first annual general meeting as aforesaid, it shall not be necessary for the company to hold any annual general meeting in the year of its incorporation.
Old Provisions under the Companies Act 1956 (section 166) a newly incorporated Company is required to hold its First Annual General Meeting within a period of not more than eighteen months from the date of its incorporation (the date as mentioned in the Certificate of Incorporation of that Company); 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, subject to the condition that the Company must comply with the provisions of Section 210 of the Companies Act 1956.
The Company is also required to comply with the provisions Section 210 of the Companies Act 1956, which has also a vital role in fixing the date of Annual General Meeting: As per the said Section 210 :The Board of Directors of a Company shall lay before the members at the every Annual General meeting the followings financial statements -(a) a balance sheet as at the end of the period specified in sub-section (3), and(b) a profit and loss account for that period, which shall relate in the case of the first annual general meeting of the company, to the period beginning with the incorporation of the company and ending with a day which shall not precede the day of the meeting by more than nine months.
EXTENSION OF TIME LIMIT FOR HOLDING OF AGM*.The Registrar of Companies may, on an application made to it by way of filing of Form GNL-2 with certified true copy of the Board Resolution/General Meeting Resolution, extend the period for holding the Annual General meeting for a period not excceeding 3(three) months.*.The Companies are not allowed to make an application for extension of time for the First Annual General Meeting.*.And, therefore, the non-holding of 1st AGM will be a non-compliance of the Section 96 of the Companies Act, 2013 and the Company will be liable for penal provisions.
In our case:- Date of Incorporation - 28.01.2013, Date of closing of the first financial year - 31.03.2014 Due Date of 1st AGM (within 9 months from date of closing of the first financial year) [First proviso to Section 96(1)] - 31.12.2014
A newly incorporated Company is required to hold its First Annual General Meeting within a period of nine months from the date of closing of the first financial year of the company.
CAclubindia
