Annual General Meeting of The Company
(Under Sec.96 of the Companies Act,2013)
An Annual General Meeting (AGM) is a meeting which should be Conducted by every applicable company where an opportunity will be provided to its shareholders to discuss up on the growth and may other matters relating to the company.
The applicability of Annual general Meeting is dealt under section 96 of companies Act,2013 according to which :
"Every company other than a One Person Company shall hold an Annual General Meeting in each year”"
Timeline for conducting an AGM
Timeline extension for conducting an AGM
An application( in form GNL-1) can be made with the registrar of companies for extending the timeline of holding the AGM. However the period of extension for which application is made should not be more than 3 months i.e., holding of AGM cannot be extended for a period more than 3 months from the specified timeline.
*Such application for extension cannot be made in case of First AGM
Interval between two AGM’s
It is also mentioned under section 96 of companies act that the time gap between two general meetings shall not be more than fifteen months
Timings for conducting an AGM
An AGM can be conducted on any day other than a national holiday during the business hours i.e., 9 a.m. to 6 p.m.
Let us understand all the above mentioned provisions with the help of an example :
For a company which was incorporated as on 20.04.2017 and having the date of closing of first financial year as 31.03.2018 and date of closing of second financial year as 31.03.2019
- Due date for conducting its first AGM will be 31.12.2018 ( i.e., nine months from the closing of first financial year)
Due date for conducting second AGM will be , earlier of
- 31.03.2020 ( i.e., not more than 15 months from the 1st AGM date which is let us suppose 31.12.2018)
- 31.09.2019 ( i.e., not more than 6 months from the date of closing of second financial year )
Therefore the due date for conducting the second AGM is 31.09.2019
Disclaimer:"The information contained herein is only for informational purpose and should not be considered for any particular instance or individual or entity. We have obtained information from publicly available sources, there can be no guarantee that such information is accurate as of the date it is received or it will continue to be accurate in future. No one should act on such information without obtaining professional advice after thorough examination of particular situation."
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Ankit C Shetty