RAVI (TRAINEE) (34 Points)
04 October 2012Dear all, if the agm of the company was not held within the time frame under section 166, as prescribed by company act, 1956, can we seek the extension of agm after the due date. I came to know that Form 61 could be filed for the extension of agm with roc. But can it be filed after the due date of agm....?
Please kindly help me out in this issue.
CA Pooja Agarwal
(Chartered Accountant)
(3228 Points)
Replied 04 October 2012
/articles/holding-of-annual-general-meeting-beyond-prescribed-time-13591.asp
go through this..this might help you
Aditya Soni
(CS Final Student Trainee)
(727 Points)
Replied 04 October 2012
Dear Ravi,
As per the circular issued by the then Department of Company Affairs where a company holds its annual general meeting within the time prescribed under section 166, though such a meeting is held beyond the period of six months from the close of its financial year {as required under section 210(3)(b)}and the company files its annual return within 60 days of the holding of the said meeting, no action should be taken against the company for default of section 159 or 166 nor additional fee be levied in such a case in respect of the filing of the annual return and audited accounts.
With great respect to the Hon'ble Judges of the said Division Bench, we are unable to subscribe to the view taken by Their Lordships regarding interpretation of section 167 of the Act as, in our opinion, it is not the mandate of the law that in case of default under section 166 of the Act, it is obligatory upon the company or the defaulting Directors to approach the Company Law Board even if they propose to rectify their mistake and by giving penalty prescribed under section 168 of the Act for the default already committed, decide to call a meeting of the AGM beyond the time prescribed by law. The object of the said provision, in our view, is to give right to a member of the company to approach the Company Law Board if the existing management of the company avoids facing the share holders by not calling any AGM and at the same time, retains the office. But by that provision, the right of the Directors of the company to call AGM beyond the date prescribed under section 166 of the Act is not taken away.
The application can be filed after the due date as well.
(extracted from an article. Hope this would help you)
Regards,
Aditya
CAclubindia
