Payal Jain (CS) (152 Points)
29 June 2010Dear All,
Please advice on following,
A Company should conduct its AGM on or before 30th September. but date of signing of Auditor report is 23rd December.
In that case what should we do...??
What will be the date of AGM..??
What is the legal remedies available for it..??
Nitin Grover
(CS)
(1228 Points)
Replied 29 June 2010
Dear Payal
In this case apply with ROC for extension in AGM Date
Regards
Payal Jain
(CS)
(152 Points)
Replied 29 June 2010
but we can only apply ROC for extension before the due date of AGM.
but in that case due date of AGM is 30th september, 2009
n now we can't apply ROC for extension......
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 29 June 2010
Hi,
If date of signing of Auditor report is 23rd December 2009 then AGM cannot be convened before January 2010 and in that case there would be no benefit to apply for ROC extension. Moreover ROC will reject your application bcoz application must be submit before the expiry of statutory period i.e. September 30, 2009.
ROC filing may be late but fixing of AGM date must be as per law and there is no margin for error.
You have to convince your auditor.
Thanks
RITU BAJAJ
(COMPANY SECRETARY)
(158 Points)
Replied 29 June 2010
Dear Payal,
Ankur Sir, is right. The only thing you can do is that convince your auditor and get the Balance Sheet signed on a back date, show AGM within 30th September and due the filing now. You will also get the benefit of Company Law Settlement Scheme, 2010 as it waives 75% of additional fees. So take the benefit of this opportunity.
Regards.
Ritu.
Payal Jain
(CS)
(152 Points)
Replied 29 June 2010
In that case can we extend our Financial Year..?? (from March to June 2009)
N Fix the AGM date 30th December, 2009 by special notice...........
Can we do it.........??
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 29 June 2010
Please do not complicate the things for yourself…
Shruti Chawla
(CS)
(258 Points)
Replied 29 June 2010
I agree with ANkur Sir,
The simple remedy is to convince the auditor.
Nitin Grover
(CS)
(1228 Points)
Replied 29 June 2010
its a nice solution and all companies do this type of work.
provide some money to your Auditors.
Regards
vivek
(CS)
(751 Points)
Replied 30 June 2010
Even auditors are well aware about the provision, convince them for signing before due date of AGM.
Yogesh Bhatt
(Company Secretary)
(475 Points)
Replied 02 July 2010
POWER OF COURT TO GRANT RELIEF--SECTION 633
In a matter like the one mentioned above, where the delay in holding the AGM and placing before it the audited accounts is beyond the control of the Board of Directors of a Company and is not due to the negligence, default, breach if duty etc of the Directors, it will be in the interest of the Directors themselves to move the High Court having jurisdiction with a prayer that they have acted honestly and reasonably and having regard to the circumstances of the case they ought fairly to be relieved. In such a proceeding the Court will give notice to the Registrar and take his views on the matter before passing its order. See also Chapter 13.
Regards.
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