Notice of AGM and AGM date- URGENT

[santosh jha]

Dear All,

Can AGM notice date be 3/9/2010 and balance Sheet signing date 29/9/2010.

Pls. clarify with exact provision of companies act, regarding notice of AGM and signing of balance sheet.

Thanks in advance.......

--
Thanks &Regards
Santosh

8008884701

[santosh jha]

Dear Friends

Pls reply......................its urgent.

Thanks

--
Thanks &Regards
Santosh Jha
09911274701

[vickyp...@gmail.com]

Hello santosh,
In my opinion, balance sheet date should not be later than AGM notice date.

Correct me if i am wrong...

Sent from my Nokia phone

-----Original Message-----
From: santosh jha
Sent: 18/02/2011 16:10:34
Subject: [CSMysore] Notice of AGM and AGM date- URGENT

Dear All,

Can AGM notice date be 3/9/2010 and balance Sheet signing date 29/9/2010.

Pls. clarify with exact provision of companies act, regarding notice of AGM
and signing of balance sheet.

Thanks in advance.......

--
Thanks &Regards
Santosh
8008884701

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[K.Muthusamy]

 

A balance shhet needs to signed by board and auditors before submitting 4 members approval.  after only notice can be sent.  hence it is not possible to signe b/s after notice date.

On Fri, Feb 18, 2011 at 4:10 PM, santosh jha <san...@gmail.com> wrote:

Dear All,

ice can be senr

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K.Muthusamy B.Com,FICWA,FCS

JMACS ASSOCIATES

Company Secretaries in Practice

Lakshya 2nd Floor, 1056/1 Avinashi Raod

Coimbatore-641018

0422-4391973, 0422-4204791

On move: 94433 -71791

[sudhir kumar]

What is d date of ur AGM?

 

If at all it is 30/09, the b/s can have dat date but u shouldnot dispatch the notice

to the shareholders, instead u have to take the consent of all the shareholders of the company (not the members who have attended the AGM),because it is a shorter notice.

 

Regards

CS Sudhir Kumar.P

 

On Fri, Feb 18, 2011 at 4:23 PM, nidhi goel <nidhi...@gmail.com> wrote:

Pl. avoid my reply it wrongly posted here.....................Sry for the reply...........

--
With Regards

Nidhi Goel

Company Secretary.

Nidhi Goel & Co.
Ph: 9811628703

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[madhuri hegde]

Dear Mr. Santosh,

 

AGM is conducted to consider and adopt the audited balance sheet and p & l A/c of the company with has to be signed before the date of AGM.

 

The balnce sheet prior to it being placed before the shareholders shall be placed before board for approval. therefore the balance sheet shall be signed on the date of such board meeting.

 

AGM notice date must be 21 days prior to the day of AGM (u/s 171).

 

As in your case if the notice date is 3/9/2010 then AGM shall be on 24/9/2010 (assuming in case of 21 days notice.) so it is not possible for balance sheet to be signed after the AGM is over i.e. on 29/09/2010.

 

Also, along with the notice , the annual report of the company shall be sent to the shareholders wherein balance sheet has to be there along with the balance sheet signed date . so balance sheet signing date has to be a date prior to notice of AGM.

 

Moreover, in case of listed company the Audited financials for year ending march 31st has to be submitted to stock exchange within 60 days from the year ending i.e. 30th May. so if the financial year is from 1st april to 31st March then the balance sheet siging date shall have to be within 30th may.

Therefore, in my opinion Balance sheet signing date cannot be a date later than notice of AGM and in case of a listed company with financial year ending 31st march it cannot be later than 30th may.(for the non-compalince of listing agreement)

 

Members Kindly correct me if am wrong.

 

--

Thanks & Best Regards

 

Madhuri Hegde

 

 

On Fri, Feb 18, 2011 at 4:10 PM, santosh jha <san...@gmail.com> wrote:

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Thanks & Best Regards

 

Madhuri Hegde

[puja Garg]

Dear Member,

The Balance Sheet signing date has to be prior to the date of the notice of AGM. The accounts approved, i.e., signed by the Board is sent to the shareholders along with the notice of AGM. Hence, the Balance Sheet signing date is always prior to the date of the notice of AGM.

But, incase the notice of the AGM is dispatched on the same day on which the accounts are approved by the Board, then both the dates can be the same.

Regards,

Puja Garg

[santosh jha]

Thank you very much to all of you,

But my query is if Notice date of AGM is 3/9/2010 and balance sheet signing date is 29/9/2010, then what is the harm.

 Sec 171 says atleast 21 clear days notice, but whereas my notice period is 25 days. Law complied

Pls. clarify.

Thanks

Santosh

On Fri, Feb 18, 2011 at 4:46 PM, madhuri hegde <madhuri...@gmail.com> wrote:

--
Thanks &Regards
Santosh Jha
09911274701

[Vardha Aggarwal]

But Dear as per Law Audited Balance Sheet is required to be circulated along with the Notice of AGM, and in your case if you will get the Balance Sheet signed after issuing the Notice then how will you circulate the same along with Notice??

Regards

Company Secretary
Vardha Aggarwal

[puja Garg]

Dear Santosh,

There is no harm if your notice date is more than 21days prior to the Annual General Meeting. The question asked by you was whether Balance sheet signing date can be after the notice date. That is not possible as its the Board that signs the Balance sheet in the Board meeting and the same is sent to the shareholders along with the notice of AGM. I think now you are clear on the same.

Regards,

Puja Grag

[chanchal agarwal]

Dear Madhuri,

in case of a listed company with financial year ending 31st march, the date of AGM can be later than 30^th May and it will not lead to any non – compliance of listing agreement because as per Clause 41 of the Listing Agreement, the company can as well submit an un-audited financial results followed by a limited review report.

so, even listed companies can hold their agm any time before 30th september, if the financial year ends on 31st march.

However, i agree that the date of signing of the balance sheet cannot be later than the date of notice

 

 

On Fri, Feb 18, 2011 at 4:46 PM, madhuri hegde <madhuri...@gmail.com> wrote:

[santosh jha]

But which section of the companies act says that alongwith notice of AGM the signed/audited balance sheet shud be despatched to shareholders, so that when then come in AGM they are well informed about the financials.

A company can send the draft financials to shareholders, so that their is scope to adopt the same, otherwise what is the point of adopting the same which is already been finalise and approved.

Pls. calrify

Thanks

Santosh

[puja Garg]

Dear Mr. Santosh,

If i am not wrong, Section 219 of the Companies Act says that a copy of every balance sheet (including the profit and loss account, the auditors' report and every other document required by law to be annexed or attached, as the case may be, to the balance sheet) which is to be laid before a company in general meeting shall, not less than twenty-one days before the date of the meeting, be sent to every member of the company.

Regards,

Puja Garg

[madhuri hegde]

Dear Chanchal,

I agree with you in case of unaudited financials.

-- 

Thanks & Best Regards

 

Madhuri Hegde

On Fri, Feb 18, 2011 at 5:28 PM, chanchal agarwal <c.agar...@gmail.com> wrote:

[Vivek Aggarwal]

Dear Muthusamy

I fully agree with your view. Signing of balance sheet must be before the date of AGM Notice.

 

Regards
CS Vivek Aggarwal

---

From: K.Muthusamy <kmut...@gmail.com>
To: csmy...@googlegroups.com
Sent: Friday, 18 February 2011 4:38 PM
Subject: Re: [CSMysore] Notice of AGM and AGM date- URGENT

 

A balance shhet needs to signed by board and auditors before submitting 4 members approval.  after only notice can be sent.  hence it is not possible to signe b/s after notice date.

On Fri, Feb 18, 2011 at 4:10 PM, santosh jha <san...@gmail.com> wrote:

Dear All,

ice can be senr

Can AGM notice date be 3/9/2010 and balance Sheet signing date 29/9/2010.

Pls. clarify with exact provision of companies act, regarding notice of AGM and signing of balance sheet.

Thanks in advance.......

--
Thanks &Regards
Santosh

8008884701

--
Find eNewsletters of ICSI Mysore at: http://www.icsi.edu/NewsEvents/enewsletters/tabid/1757/Default.aspx AND www.esnips.com/web/icsimysore
 
You received this message as you are subscriber. To unsubscribe email to: csmysore-u...@googlegroups.com

--

K.Muthusamy B.Com,FICWA,FCS

JMACS ASSOCIATES

Company Secretaries in Practice

Lakshya 2nd Floor, 1056/1 Avinashi Raod

Coimbatore-641018

0422-4391973, 0422-4204791

On move: 94433 -71791

[Pracheta]

Mr. Santhosh,

 

Sec 219 of the Companies Act provides that the balance sheet, P & L which is supposed to be laid at the AGM has to be sent at least 21 days before the meeting. Hence, Balance sheet cannot be signed on 29th September if the AGM is on 30th September. If the AGM is somewhere after 22nd Oct 2010, then you can have the balance sheet signed on 29th Sept and circulate to the members of the company.

 

 

On Fri, Feb 18, 2011 at 4:10 PM, santosh jha <san...@gmail.com> wrote:

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Best Regards,

Pracheta

[esha sharma]

Dear Friend

Section 171 says that. Length of notice for calling meeting.

(1) A general meeting of a company may be called by giving not less than twenty- one days' notice in writing.

(2) A general meeting may be called after giving shorter notice than that specified in sub- section (1), if consent is accorded thereto-

(i) in the case of an annual general meeting, by all the members entitled to vote thereat; and

(ii) in the case of any other meeting, by members of the company (a) holding, if the company has a share capital, not less than 95 per cent. of such part of the paid- up share capital of the company as gives a right to vote at the meeting, or (b) having, if the company has no share capital, not less than 95 per cent. of the total voting power exercisable at that meeting: Provided that where any members of a company are entitled to vote only on some resolution or resolutions to be moved at a meeting and not on the others, those members shall be taken into account for the purposes of this sub- section in respect of the former resolution or resolutions and not in respect of the latter.

section 215 (3) The balance sheet and the profit and loss account shall be approved by the Board of directors before they are signed on behalf of the Board in accordance with the provisions of this section and before they are submitted to the auditors for their report thereon.

So as we have to send notice with annexures of board's report and balance sheet to the members who have to attend the AGM so balance sheet should be signed till the  board meeting where notice of AGM is approved.

[santosh jha]

many many thanks to all of you.