Compliance to be made by a Company:
Annual General Meeting held in accordance
with section 166 can be adjourned by filing Form
61 Extension of period of
annual general meeting by three months under section166(1) or for Extending the
period of annual accounts up to eighteen months under section 210(4).
Section 166(1) of
Companies Act:
Under this section every
company should hold Annual general Meeting not more than fifteen months lapse
of one annual meeting. Provided Registrar may for any special reason extend the time shall be held not
exceeding three months. The application should be accompanied by a resolution
of the Board of directors giving full information as to why the company is
unable to comply with the statutory requirements.
Special Reason: It has
not able to prepare the accounts for the period as mentioned in 210(3).
In case of Non
Compliance:
In case of non compliance by a
company under section 165, every
director or other officer to company who is in default shall be
punishable with fine extended up to Five thousand rupees.
Compounding of offences under sec. 621 A of
Companies Act.
Section 210(4) of
Companies Act:
Sub-section 3 (b) of
section 210 specifies that the company is required to hold its annual general
meeting within six months from the end of the financial year.
Under this section time
may extend upto eighteen months where a special
permission has been granted
by Registrar.
In case of Non
Compliance:
In case of non compliance by a company
under section 210, any person, being director of a company shall be punishable
with imprisonment for a term which may extend upto six months or fine
which may extend upto ten thousand rupees or with both.
Non compoundable.
Contradiction between
the provision of section 166 and 210:
Section 166 allows
holding of an annual general meeting within fifteen months of the last annual
general meeting of the company. While this does not need approval of the
Registrar of Companies (ROC), this may at times result in a company
not being able to hold the annual general meeting within six months from the
end of the financial year as envisaged in section 210(3)(b).
Registrar's powers to
grant extension of time under the second proviso to section 166(1) does not
become exercisable if the extension sought by the company is for holding the
meeting falling within the time-limits mentioned in the said section 166 and is
asked solely on the ground that it has not been able to prepare the accounts
for the period mentioned in section 210(3).
Filing should be done:
(reading 166 & 210 together):
15 months from the date
of the last annual general meeting.
The last day of the
calendar year.
6 months from the close
of the financial year.
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