13 February 2021
Hi, A producer company is registered in Nov 2020 for which AGM is to be conducted within 90 days from date of incorporation . In this case AGM to be made in Feb 2021. So how to close the books of accounts which is to be kept in the AGM as the financial year ends only on march . And whether to conduct another AGM before sept 2021 for closing of Financial year 2020-21. What all are ROC filings to be made?
10 July 2024
In the case of a producer company registered in November 2020, here’s how you can manage the Annual General Meeting (AGM) requirement and the ROC (Registrar of Companies) filings:
### 1. Conducting the First AGM:
According to the Companies Act, 2013, and the rules for producer companies, the first AGM must be conducted within 90 days from the end of the financial year. Here's how it applies to your scenario:
- **Financial Year End:** Since the financial year ends on March 31, 2021, your first AGM should ideally be conducted by June 30, 2021 (within 90 days from March 31, 2021).
- **Closing Books of Accounts:** For the AGM conducted in February 2021 (within 90 days from incorporation), you would present the financial statements covering the period from November 2020 (date of incorporation) to March 31, 2021. This means you will prepare provisional accounts for the period up to March 31, 2021, and present them at the AGM.
### 2. Conducting AGM for Financial Year 2020-21:
- **Second AGM:** After the first AGM held in February 2021 (covering the period up to March 31, 2021), you will need to conduct another AGM for the financial year 2020-21 by June 30, 2021. This AGM will approve the financial statements for the entire financial year ending March 31, 2021.
### 3. ROC Filings:
- **Form AOC-4:** File Form AOC-4 within 30 days of the AGM, containing the financial statements and other required documents for the financial year 2020-21.
- **Form MGT-7:** File Form MGT-7 within 60 days of the AGM, containing details of shareholders, resolutions passed, etc.
- **Other Compliance:** Ensure all other compliance requirements under the Companies Act, 2013, and rules applicable to producer companies are met, such as filing of annual returns, updating statutory registers, etc.
### Summary of Timeline:
- **First AGM:** Conduct by February 2021 (within 90 days from incorporation). Present provisional accounts for Nov 2020 to March 31, 2021.
- **Second AGM:** Conduct by June 30, 2021 (within 90 days from March 31, 2021). Approve financial statements for the full year ending March 31, 2021.
- **ROC Filings:** File Form AOC-4 within 30 days of each AGM and Form MGT-7 within 60 days of each AGM.
### Important Considerations:
- Ensure all resolutions passed at the AGMs are properly recorded and documented.
- Maintain compliance with all ROC and statutory requirements applicable to producer companies.
- Seek guidance from a qualified company secretary or legal advisor to ensure adherence to all regulatory requirements and smooth conduct of AGMs.
By following these steps and timelines, you can effectively manage the AGM requirements and ROC filings for your producer company registered in November 2020.
CAclubindia
