Adjournment of AGM DUE TO NON-ADOPTION OF ACCOUNTS

[R V SECKAR]

Hello,

Can a AGM  of a public sector company can be convened  within the statutory due date and can be adjourned for non-adoption of accounts ( accounts was not ready) and if so , how long such adjournment can be made .

Please , Can our professional colleagues clarify on this.

R.V.Seckar

[Vivek Hegde]

Dear Mr. Seckar

The Adjourned Annual General meeting should be held well within the time limit specified in section 166 of the Act ie., upto a maximum of 15 months. If not, you need to go for extension of Annual Genral Meeting for a maximum period of 3 months (beyond that 15 months)  and for that you need the approval of the concerned Registrar of Companies. 

 

ROC will grant the extension if sufficient cause has been shown.

 

But here please note that, non-avaialablity of Audited Accounts or non-finalisation or delay in finalisation of of accounts will not be considered as valid justification for extenison. 

Vivek

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[Astarag]

Hello Sir

 

it can be so adjourned for the reason given by you but

I think the AGM including the Adjourned meeting must be

held with in the statutory time limit.

 

advisable that the company should apply for extension of time(in advance) for holding the AGM , before the due date

 

and - Accounts not ready-- is not avalid reason for grant of extension of time for holding AGM

 

On Tue, Sep 7, 2010 at 5:36 PM, R V SECKAR <rvsek...@gmail.com> wrote:

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with regards,

Cs. P.A. Patnaik
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[CS Sunil Sharma]

Dear,

Agreed with others views. To add on you need to hold even the adjourned AGM within due date if u are unable to hold that, (and u missed for taking grant of ROC extension then) u need to move for compounding!!!

Regards,


Sunil Sharma
(CS & LLB)
Company Secretary
Rockland Hospitals Limited
B-33-34, Qutab Institutional Area,
New Delhi - 110016
Mobile:  +91-9650872243,
            +91-9868977722
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http://in.linkedin.com/in/cssunilsharma

[CS A Rengarajan]

when auditor refused to resign what will happen and it also one of the reason or when directors are not adopting the accounts/convening the board meeting due to their internal conflict - Tamil nadu mercantile bank 10 years accounts was not adopted due to shareholding problems. If it is beyond the control of the company, then the extension will be granted otherwise extension will not be granted.

When accounts are ready and article says jv partner  attends the board meeting then only it will be treated as quorum, if the jv partner refuses to attend the board meeting, then accounts will not be adopted.  

There are situations where it is beyond control of the company, the registrar will give extension only after throughly analysing the situations.

Contrary view solicited.

On Tue, Sep 7, 2010 at 5:43 PM, Astarag <papa...@gmail.com> wrote:

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[Vivek Aggarwal]

Dear Seckar

The time gap between 2 AGM cannot be more than 15 months. ROC can grant further extension of upto 3 months on sufficient cause being shown & you need to apply well in advance. However, practically, ROC does not easily allow extension on this ground.

Regards
CS Vivek Aggarwal

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From: R V SECKAR <rvsek...@gmail.com>
To: csmy...@googlegroups.com; cs_company...@yahoogroups.com; csch...@googlegroups.com; CharteredS...@yahoogroups.co.in; company_...@yahoogroups.com
Sent: Tue, 7 September, 2010 5:36:25 PM
Subject: [CSMysore] Adjournment of AGM DUE TO NON-ADOPTION OF ACCOUNTS

[R V SECKAR]

Dear Professional Colleagues

I wish to thank Mr Vivek Agarwal Mr.Vivek Hegde ,  Mr. Astrag , Sunil Sharma , Mr.CSR , Mr Rajiv and Mr Bala , Pune for sharing their knowledge on the subject.

I wish to thank Mr.Bala for sharing his knowledge through his well written and thought provoking essay published in Taxman.


Regards

R.V.Seckar