Supriyo Banerjee (Executive Finance) (181 Points)
04 January 2015Dear 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
Deepak Gupta
(CA Student)
(15922 Points)
Replied 04 January 2015
-> 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.
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