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HOLDING OF AGM (ANNUAL GENERAL MEETING)
According to Section 96 of the Companies Act 2013 the first annual general meeting of the company shall be held within the period of 9 months from the date of the close of the financial year of a company and for existing companies within 6 months from the date of close of the financial year of a company. No extension of time period in holding the first AGM is allowed. Further the time gap between the holding of two AGM’s should not be more than 15 months.
There can be number of reasons for not holding AGM. Some of them may be:
Failure to comply section 96:
If a company fails to comply with the provisions of Section 96 i.e., does not hold it’s AGM within the prescribed time then there are two possibilities:
or
This right of applying to the Tribunal is available only to the members of the company.
In case the members are directly applying to the Tribunal then the documents required are as follows:
List of documents required:
Penalty
If the company fails to hold its AGM as per section 96 then The company and every officer of the company in default shall be carrying a punishment of fine which may extend to Rs 1 Lakh and with a further fine which may extend upto Rs 5000 for every day (in case of continuing default).
Compounding of offences
Default in holding of AGM can be compounded either by
a) The Tribunal (where the penalty of any offence surpasses 5 Lakh Rupees) or
b) Regional director (where the penalty of any offence does not surpass 5 Lakh Rupees).
Procedure for compounding
Hearing will be done by the Regional Director/ NCLT and that can be attended by the director, secretary or officer of the company or by the authorized representative of CA, CS, CMA.
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04 Mar
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