Rashmi (CS) (90 Points)
03 February 2011Hello Members,
I wish to know, if a Company (Govt.) can adjourn its AGM for the want of C&AG comments.
If yes then what is the time limit within which the adjourned AGM must be held? Or an extention must be sought from the ROC? It is not sure when the comments might be received. What can be done in this case?
Please suggest.
-Rashmi
Jaideep
(Service)
(1368 Points)
Replied 03 February 2011
AGM can not be extended on account of audit.
It can be extended upto 3-months on the grounds available.
Regards
Rashmi
(CS)
(90 Points)
Replied 03 February 2011
But the Comments of C&AG have to be placed and adopted along with with the audited final accounts as per Section 619(5).
Jaideep
(Service)
(1368 Points)
Replied 03 February 2011
Agreed... But Company has to conduct AGM... there are many cases where court has also ruled out that even if the accounts of the Company are not ready AGM need to be conducted... Its a meet of members...
Plz refer section...
other views are solicited...
Rashmi
(CS)
(90 Points)
Replied 03 February 2011
Exactly, The conductance of the AGM as per section 166 read with 210 has been done. The final accounts have been adopted but as per section 619(3)(b) which applies to Govt. Companies, comments are not yet obtained. There is no option but to adjourn it.
Or if there is any, perspectives are anticipated.
Thanks Again.
CAclubindia
