Dear All,
As it mentioned in Section 96 of Companies Act, 2013 that 1st AGM or Subsequent AGM(s) shall be held within that stipulated time. But i would like to know that If AGM will held after such due date then what penalty will impose on the company by Ministry & Rules thereon.?
Kindly reply as early as possible.
Regards
-> Section 99 of the Companies Act, 2013 (Punishment for default in complying with provisions of sections 96 to 98) is not yet notified.
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-> Till then, Section 168 of the Companies Act, 1956 will be applicable.
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-> Penalty for not convening AGM shall be upto Rs. 50,000 and Rs. 2,500 per day for continuing default.
Naveen Fintech Pvt Ltd
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Gupta Sachdeva & Co. Chartered Accountants
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CAclubindia
