Hi Friends,
Kindly confirm me that if a company is incorporated on 10-01-2011 and has finalised its accounts till 31-03-2011, held its board meeting on 30-09-2011 and AGM on 29-10-2011.
Is there any violation of Sec 166 and Sec 210.
4 Replies
Shridhi Jain
(Company Secretary)
(1678 Points)
Replied 02 November 2011
No, its not violation.
In case of first AGM, the gap between the financial year ending and the date of AGM should not exceed by nine months.
Ur financial year ending on 31.3.2011, it means your first AGM should have been held by 31.12.2011. Actually u held AGM on 29.10.2011 and its well within time.
Vidhya
(111 Points)
Replied 02 November 2011
As per Sec 166, first AGM should be held within 18 months from the date of incorporation.YIn your case DOI is 10-01-2011.And hence First AGM can be held 09-07-2012.Here there is no violation
Srirang Mahabhagwat
(Asst. Company Secretary)
(341 Points)
Replied 15 November 2011
| Originally posted by : Vidhya | ||
 |
Just to confirm Vidhya if the AGM is held in 2012 wont it be contravening the provisions of sections 210 sine the accounts are being closed the same financial year.
|
 |
CS Ankur Srivastava
(Company Secretary & Compliance Officer)
(17853 Points)
Replied 16 November 2011
Dear Vidha and Srirang,
It would be non compliance of section 210. Section 166 should be read with section 210 accrodingly, there must be only 9 months gap (in case of first AGM) form the last date of accounts to the date of Meeting and in other cases there should not be more than 6 months gap.
Furthermore, AGM held on 20.10.2011 is fully valid.
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