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Query regarding holding agm

Kushang Thakkar (Practising) (138 Points)

06 May 2016

If the financials are signed on 20th November,2015 for FY-2014-15 than what will be the procedure to hold AGM? company has not apply for extension of AGM to ROC. and what will be the situation if the company hold AGM on 30th September,2015 and adjourn it till 30th November,2015? whether a company can held meeting upto 30th November,2015 and adopt accounts in that AGM?

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Jatin Bajaj (CS) (2930 Points)
Replied 07 May 2016

As the Financials are signed on 20th November 2015, and Company has to hold the AGM UPTO 30TH NOVEMBER 2015, so before that Company has to call up Board Meeting by giving shorter notice of less than 7 days as per section 173 of Companies Act 2013,in presence of atleast one Independent Director, and if it is not present then decesion shall be sent to all directors and ratified by Independent Director.

Hold the Board Meeting to approve the Accounts and authorize signing of Accounts and TO FIX THE DATE , TIME AND VENUE OF GENERAL MEETING.

aCCORDING TO SECTON 101, FIRST PROVISO, AGM WILL ASO BE CALLED BY GIVING SHORTER NOTICE BUT SUBJECT TO CONDITION THAT 95% OF MEMBERS ENTITLED TO VOTE AT THE MEETING.

bUT IF YOU HAVE NOT APPLIED FOR EXTENTION OF DATE OF AGM, THEN IT IS THE DEFAULT UNDER SECTION 96 AS WELL AS SECTION 129 FOR LATE SIGNING OF BALANCE SHEETS.

THERE WILL BE THE PENAL PROVISIONS AS PER THE COMPANIES ACT 2013.