section 220 of Companies Act, 1956.

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Guest

Guest (Querist)

29 May 2008 Dear sir, i want to know that - if a company gets 3 months extention for holding its AGM, does it mean extention to file its anual accounts also? or it has to file a/c in time limit. KINDLY GUIDE ME IN DETAIL. thanking you.

CA. Yayati Tyagi

CA. Yayati Tyagi (Expert)
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30 May 2008 as per sec 220, accounts are to be filed within 1 month of putting them in agm. so, in my opinion if u take permission for extension of agm, u can file accounts within 1 month after extended agm is concluded.

Guest

Guest (Querist)

30 May 2008 no sir, my question demands this: A co. due some reasons could not hold its AGM, so it took 3 mnths extention. Later on ROC/CLB imposed penalty for non filing of accounts. The directors argued that, we assumed that getting extention for AGM means/includes extention for filing accounts also. and no separate extention for a/c is required. ROC said you hav comited an ofence hence liable for penalty. DECIDE WHO IS CORRECT?

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CA. Yayati Tyagi

CA. Yayati Tyagi (Expert)
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03 June 2008 ya, i think as per sec 220(2), ROC is correct in imposing penalty. this sub-section states that if agm is not held, even then u need to file accounts within due date.