Hi Friends,
Kindly confirm me that if a company is incorporated on 28th feb, then what will be the last date to held the first AGM ?
whether it will be 28th Aug or 31st Aug of the next year?
santhosh
(CA)
(636 Points)
Replied 05 December 2009
The due date of agm is subject to following conditions :-
Condition 1 :-
Within 6 months of closing of the Financial year of the Company
Condition 2 :-
Every Calender year one AGM should be conducted
Condition 3 :-
The time gap between each agm shall not exceed 15 months. (18 months in case of First AGM from the date of incorporation)
All the conditions are cumulative conditions. All the conditions has to be satisfied.
CS Ekta
(Company Secretary)
(309 Points)
Replied 05 December 2009
I know all these conditions are to be satisfied........kindly confirm that whether 18 months will end on 28th Aug or 31st Aug?
Ram Avtar Singh
(Nagari Sultanpur U.P.Delhi)
(14487 Points)
Replied 05 December 2009
so AGM date will be 31 August.
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 05 December 2009
Please mention full date of incorporation. (year of incorporatio)
CS Ekta
(Company Secretary)
(309 Points)
Replied 06 December 2009
Hi Ankur,
the full date of Incorporation is 28.02.2008
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 07 December 2009
Kindly appreciate:
Let us first decide what is your financial year—your first financial year would be from 28.02.2008 to 31.03.2009 i.e. a period of 13 months and 01 days.
Applicability of Section-166 read with section-210 suggest in your case
As per Section-166 last date for holding your AGM would be August 27, 2009 i.e. 18 months from the date of incorporation of the company.
As per section-210 Balance Sheet & Profit and Loss A/c shall lay before the members in case of first AGM with in 9 months from the end of financial year i.e. last date for holding your AGM as per section-210 would be December 31, 2009.
Conclusion as per the rule of Harmonious construction
As per my opinion your first financial year is ending on March 31, 2009 and as per section-210 you may hold your first AGM up to December 31, 2009. But here if you follow section-210 blindly without application of section-166 then there would be violation of section-166 regarding First AGM in 18 months provision.
Final Answer—To conclude in your case last date for holding first AGM would be August 27, 2009 which is in line with the provisions of both the sections.
Best Regards
CS Ekta
(Company Secretary)
(309 Points)
Replied 07 December 2009
Hi ,
Thanks for the reply. However with respect to sec 166, I am confused on the calculation of the period of 18 months from the date of incorporation.
Since 28.02.2008( last day of the month of feb) is the date of incorporation, the last date for holding of the AGM ( if we start counting from the month of march onwards) will be 31st august 2009.
Kindly confirm.
Regards
Ekta
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 07 December 2009
Hello,
Well I do not agree with you. First day of company’s life is 28.02.2008. According to me 18 months expires on 27.08.2009. However you may follow your own interpretation.
Best Regards
There are two things here:
1. In case your financial year ends on 31.03.2008 the due date of AGM shall be 31.12.2008 as per section 210.
2. In case your financial year ends on 31.03.2009 the due date of AGM shall be 27.08.2009.
Also note that for calculating the due date of AGM you should also check whether that day is sunday or public holiday under Negotiable Insturments Act , 1881. If that day happens to be public holiday or sunday then the due date of AGM shall be date preceding to the date of AGM date which is not a public holiday or sunday .
With Regards, Neha
Veeraraghava Narasimhan
(Secretarial/Compliance Officer)
(257 Points)
Replied 27 September 2011
A company did not conducted AGM and also finiancials were not audited for 3 years. Can the company conduct an AGM now in present date.
Ankit
(Industrial Trainee)
(26 Points)
Replied 23 June 2012
what is the due date of AGM of FY 2009-2010?
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(with recording)