AGM & EXTENSION OF AGM UNDER CA, 2013

AGM & EXTENSION OF AGM UNDER CA, 2013

ANNUAL GENERAL MEETING (SECTION 96)

Every company other than a One Person Company shall in each year hold in addition to any other meetings, a general meeting as its annual general meeting. The company shall specify the meeting as such in the notices calling Annual General Meeting.

Time Periods for Annual General Meeting

In case of the first annual general meeting, it shall be held within a period of nine months from the date of closing of the first financial year of the company. If a company holds its first annual general meeting as aforesaid, it shall not be necessary for the company to hold any annual general meeting in the year of its incorporation.

This means, for a company incorporated on 1^st day of January 2015, the first financial year shall be closed on 31^st day of March 2016 and Annual General Meeting should be convened on or before 31^st day of December 2016. However for a company incorporated on 31^st day of December 2014, the first financial year shall be closed on 31^st day of March 2015 and Annual General Meeting should be convened on or before 31^st day of December 2015.

In any case other that first annual general meeting, it shall be held within a period of six months, from the date of closing of the financial year. Not more than fifteen months shall elapse between the date of one annual general meeting of a company and that of the next.The Registrar may, for any special reason, extend the time within which any annual general meeting, shall be held, by a period not exceeding three months.   However the Registrar may not extend the time for first annual general meeting.

Where, last annual general meeting was held on 31^st day of December 2015, next annual general meeting shall be held on or before 30^th day of September 2016. However where, last annual general meeting was held on 31^st day of May 2015, next annual general meeting shall be held on or before 31^st day of August 2016. The Registrar may extend these dates to 31^st day of December 2016 and 30^th day of November 2016 respectively.

Day and time for Annual General Meeting

Every annual general meeting shall be called during business hours, that is, between 9 a.m. and 6 p.m. on any day that is not a National Holiday and shall be held either at the registered office of the company or at some other place within the city, town or village in which the registered office of the company is situate.

“National Holiday” means and includes a day declared as National Holiday by the Central Government. Yet, Republic Day, Independence Day and Gandhi’s Birthday has been declared as National Holidays.

Procedure For Extension of AGM 

1. Hold board meeting and pass a resolution for extension of time limit for holding AGM.
2. The Company shall make an application in the prescribed e-form GNL 1 to the Registrar before the due date for holding AGM.
3. ROC approval should be placed before the board for information and steps should be taken to hold the AGM within the time approved by the ROC.