Every Company except one person Company is required to hold annual general meeting every year within six month from the end of each financial year and not more than fifteen months shall elapse between two annual general meeting of a company. Only in case of first annual general meeting the meeting shall be held within a period of nine months from the date of closing of the first financial year of the company. The Annual general meeting is called by circulating 21 days clear notice to all the shareholders and directors of the Company to adopt the financials of the Company. If due to some reason the notice could not be circulated within prescribed time then the meetings can be held at shorter notice if the consent by not less than ninty-five per cent. of the members is recieved.
Circulate 7 days clear notice for holding BM
The BM is conducted to approve the financials and to fix date time and place for holding AGM of the Company.
Circulate 21 days clear notice of the AGM to all the shareholders and directors of the Company
The AGM is required ti be held to adopt the financials of the Company.
Annual Secretarial compliances means compiling the accounts of the current financial year and comparing the same with previous year to analyse the financial status of the company.
Yes, the annual secretarial compliances are the mandatory requirements as the non compliance lead to violation of Companies Act and imposes heavy penalty. Even non compliance for a continous two financial year may also lead to striking off the name of the Company by registrar on suo motu basis.
No, a newly incorporated company may not close its first financial in the same year of its incorporation if the Company is incorporated on or after 1st Jan of that year.
Two meetings are required to be conducted:
AGM can 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 and in case an unlisted company may be held at any place in India if consent is given in writing or by electronic mode by all the members in advance.
BM can be held anywhere in India or outside India provided the quoram of the meeting is physically present.
As per Companies Act the BM which is required to be held for finalizing the accounts can,t be held through video conferencing.
Yes the Companies Act provide the provision for holding both the meetings at shorter notice. In case of AGM if the consent by not less than ninty-five per cent. of the members is recieved and in case of BM subject to the condition that at least one independent director, if any.
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