Anchal talwar (Company Secretary) (113 Points)
19 September 2010Dear Members,
Please Verify.........
Company was incorporated on 12 March 2009, what should be the due date of AGM ?
According to my calculation it should be 31 December 2009. (Financial year ending 31 March 2009).
than accordingly adoption of accounts should be in the quarter Oct to Dec. Please verify in case I am wrong.
Please reply urgently.
Thanks
kanagaraj
(CHARTERED ACCOUNTANT)
(793 Points)
Replied 19 September 2010
Dear
The first AGM is to be conducted within 18 months from the date of incorporation.
regards
CS Mayur Buha
(Company Secretary)
(238 Points)
Replied 20 September 2010
Your due date of conducting first AGM is 12/09/2010.
vivek
(CS)
(751 Points)
Replied 20 September 2010
As you have said the F.Y. ending on 31.03.2009, i am perciveing that you have made and got audited your books of accounts as on 31.03.2009 then it must be upto 31.12.2009 but i don't find any reason to prepare and get audited the books only for 20 Days, if you have not prepared your books upto 31.03.2009, it is advisable to prepare accounts from date of incorporation to 31.03.2010 get the same audited and hold AGM upto 11.09.2010 (i.e. 18 Months from the date of incorporation.)
Regards,
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 20 September 2010
Your observation is not correct Anchal
Kindly appreciate:
First decide what is your financial year—Your first financial year would be from 12.03.2009 to 31.03.2010 i.e. a period of 12 months and 20 days.
As per my understanding you don’t have to file Annual Accounts in the year 2009. Your Annual Filing due in 2010. No need to hold AGM in 2009 at all. However you may do so.
Applicability of Section-166 read with section-210 suggest in your case
As per Section-166 last date for holding your AGM would be September 11, 2010 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 within 9 months from the end of financial year i.e. last date for holding your AGM as per section-210 would be December 31, 2010.
Conclusion as per the rule of Harmonious construction
As per my opinion your first financial year is ending on March 31, 2010 and as per section-210 you may hold your first AGM up to December 31, 2010. 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—In your case last date for holding first AGM would be September 11, 2010 which is in line with the provisions of both the sections.
Revert if there is any doubt.
Thanks
Neha Gupta
(PCS)
(377 Points)
Replied 20 September 2010
Vivek is absoluteky right, as per provisions of Section 210(3) you can file Balance sheet on or before 31st December, 2009.
Anchal talwar
(Company Secretary)
(113 Points)
Replied 20 September 2010
Thank you everybody.
@ Ankur Sir- one More doubt plz
Since Company has already prepared the Balance sheet for the period 31march,2009.ITR has also been filed by the company. Now my query is do i have to file this balance sheet with ROC.
if yes plz clarify why?
sir you have said that there will be no filing in 2009.and i have to hold meeting in sep,2010 (as per sec 166 read with sec 210) but my balance sheet is of period 1 apr,2009-31st mar,2010. than what about balance sheet of 20 days.
Sir, can i hold first agm before 11 september, 2010 in which i am approving accounts of 1apr, 2009-31st mar,2010 and make a note in directors report regarding those 2o days of balance sheet.
plz help m confused
thanks
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 20 September 2010
Oh…all this is really confusing due to your lack of clarity. But never mind you are getting experience which is more imp. There was actually no need to prepare BS for 20 days and no filing was required in 2009.
However now you have to submit the same with ROC after adopting the same in BM and AGM.
Now you have to hold AGM in 2009 coz you have filed ITR mentioning BS date.
Revert with your question.
Anchal talwar
(Company Secretary)
(113 Points)
Replied 20 September 2010
Every company shall in each year hold in addition to any other meetings a general meeting as its annual general meeting and shall specify the meeting as such in the notices calling it; and not more than fifteen months shall elapse between the date of one annual general meeting of a company and that of the next:
Provided that a company may hold its first annual general meeting within a period of not more than eighteen months from the date of its incorporation; and if such general meeting is held within that period, it shall not be necessary for the company to hold any annual general meeting in the year of its incorporation or in the following year;
sir
Plz explain the highlighted part...does it mean that incase co hold agm in 2009 than it is not necessary to hold agm in the following yr?
incase i hold agm in 2009 for the approval of accounts of 31st mar,2009 than due date of holding my next agm will be 31st sep,2010....plz correct.
sir this is little bit confusing for me......plz help
thanks
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 20 September 2010
you have wasted the highlighted portion which is in the nature of a relaxation given by law. Now you have fixed the first FY which is ending on 31.03.2009. Now you have attracted section 210 and you have to hold your AGM in 2009 within 9 months from the end of FY which comes to 31.12.2009.
As relaxation is gone you have to hold AGM in 2009 and 2010 and so on....
Proviso says that a company may hold its first annual general meeting within a period of not more than eighteen months---but you have wasted this relaxation by fixing your FY early.
Anchal talwar
(Company Secretary)
(113 Points)
Replied 21 September 2010
Thank you sir for the help..
zia khan
(Secretarial Executive)
(32 Points)
Replied 15 December 2011
So far as i know if company was incorporated on 20th feb,2010, then its financial year will close 31-03-2010 rather first fy from 20-02-2010 to 31-03-2011. Please suggest.
zia khan
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
