Narendra Verma (Senior Executive) (116 Points)
24 May 2010Hi,
Pls resove this query,
A ltd. incorporated on 09/05/2008 and the first financial year was 31st March, 2009. The AGM for 2008-09 held in july 2009. Now co. wish to close its second FY upto 30/09/2009 by passing Board resoltion and propose to held AGM for the said period in March 2010. Can it do so? Also explain all the legal implications.
Thanks
Neeta
(Finance)
(345 Points)
Replied 25 May 2010
As per my view, its quite possible.
coz, as per section 210(3)(b) : Accounts to be layed b4 AGM after the first AGM( every subsequent AGM) shall begin with the day immediately after the period for which accounts was last submitted and ending with a day which shall not preceed the day of the meeting by more than six months.
So in ur case it can be from 31-3-2009 to 30-09-2009. and u shud conduct the AGM before 31-03 -2010.
Moreover, as per section 210(4) : the financial period can be LESS OR MORE THAN A CALENDER YEAR , but shall not exceed 15 months.
Other views please.
CAclubindia
