Adjournment of agm

[LALANA KINI]

Dear Members,

Can a Pvt company adjourn its AGM( not extension) from September 2017 to October 2017 as per the request  of share holders.

Regards,

lalana

[Peer Mehboob]

Sec.96 only stipulates that AGM shall be convened within the prescribed time limit but It does not stipulates that meeting shall also get completed within the prescribed time period. However, there are some decided cases in which it was held that AGM must be completed within the prescribed time limit.

There are certain provisions connecting to Sec.96 which are:

Sec.137: Financial statements duly adopted at Annual General Meeting, shall be filed with ROC within 30 days of date of AGM.

Sec.103(2) provides that if the quorum is not present in General Meeting within half an hour, the meeting shall stand adjourned next week at the same time or to such other date and time as the Board may determine.

This section provides power to Board for adjourning the general meeting due to lack of quorum in meeting.

After analysing above provision, there is ambiguity in the Act in respect of adjournment of annual general meeting. We can conclude that power stipulated for adjournment of AGM u/s 103 shall be read with in conformity with the other provisions of the Act.

Therefore, in my view, without searching loopholes in the provisions of the Act, it is advisable either to complete AGM including its adjourned meeting within the prescribed time or take extension from ROC.

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[LALANA KINI]

Thanks Peer Mehboobji

[Bala Sri]

Hello ,

Yes. Adjournment is available. The conditions stipulated are : other than 1st AGM

a. Not More than  fifteen months shall elapse between the date of one annual general meeting of a company and that of the next.

b. Should be held within a period of six months, from the date of closing of the financial year

is that between AGMs should be completed

Both this needs to be satisfied.

For 1st AGM :

a. To  be held within a period of nine months from the date of closing of the first financial year.

Hope this helps.

Rgds

Bala Srini FCA., LL.B.

9449827834

[LALANA KINI]

Thanks Bala Srini Ji, Whether the adjourned AGM to be with in September 2017 , i need suggestion.

Regards,

Lalana

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[ALPESH DHANDHLYA (PCS Ahmedabad)]

According to me adjourned AGM should also be held within the original time limit i.e. 30th Sept. 

Others view accepted

[Bala Sri]

Hello Lalana,

Yes. You can have 'N' number of adjournments but the max time period is 6 Months from close of Fin. Year i.e. 30th Sept and time between the past AGM and current one <= 15 Months.

Hope this helps. Apologies for delay in response.

It is also concurred earlier by Mr. Alpesh in response to your query.

Rgds

Bala Srini

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[LALANA KINI]

Thanks Bala Srini

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