CA.JASPAL SINGH (COMPANY SECRETARY) (132 Points)
08 June 2011Sir
A Company incorporated on 16-04-2010. What is the latest date by which the Company is required to hold AGM?
Section 166 gives 18 months time for first AGM and Sec.210 give 9 months time from the end of F.Y.
I feel for the compliance of both the Sections the period of 18 months which ends on 15.10.2011 should be the date.
Kindly advice.
Regards
CA Suraj Prasad Shaw
(Chartered Accountant)
(504 Points)
Replied 08 June 2011
| Originally posted by : CA.JASPAL | ||
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Sir A Company incorporated on 16-04-2010. What is the latest date by which the Company is required to hold AGM? Section 166 gives 18 months time for first AGM and Sec.210 give 9 months time from the end of F.Y. I feel for the compliance of both the Sections the period of 18 months which ends on 15.10.2011 should be the date. Kindly advice. Regards |
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Dear Jaspal,
Since 18 months from incorporation of the company ends on 15.10.2011 its better to held the first AGM within that date.
Here we will not see the 9 months time from the end of FY as per section 210 since it will violate sec 166.
Deepesh Khatri
(CA)
(167 Points)
Replied 08 June 2011
Am assuming that the company followed the first financial year from 16/04/2010 to 31/03/2011; then yes you are right and the last date of first AGM would be 15/10/2011.
If the first financial year was different from the above, then remember that we have to satisfy the "within 18 months of incorporation" and "within 9 months of first financial year" criteria.
Vaibhav Shukla
(Company Secretary)
(142 Points)
Replied 08 June 2011
Hii,
Yes, the first AGM of a company can be held within 18 months from the date of its incorporation but at the same time the provisions of section 210 are also to be taken into consideration wherein it is specifically given that profit and loss shall relate to the period beginning with the incorporation of the company and ending with a day which shall not precede the day of the meeting by more than nine months. Therefore, the first AGM should be held within 18 months but at the same time it is also to be ensured that the date of the meeting shall be such that though within 18 months, the accounts to be laid down in such meeting are not more than 9 months old.
For Example: if the financial year of the company ends on 31.03.2011 than the AGM can be held till 15.10.2011 in which case the accounts will not prceed the meeting by more than 9 months but suppose the company ends its financial year on 31.12.2010 than the AGM can not go beyond september in which case provisions of both the sections will be duly complied with as the AGM would be within 18 months as well as accounts will not be more than 9 months old.
Regards
Prashant Kumar
(Study)
(29 Points)
Replied 04 August 2011
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