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Querist :
Anonymous
(Querist) 30 November 2011
This query is : Resolved
Our Pvt. ltd. company was incorporated in Noida on 8th December, 2010. We have not filed any returns. We are planning to get statutory audit done for YE 31 March 2011.
1. When is our first AGM due? Do we have to hold it before 31st Dec 2011?
2. What comes first the stautory audit or filing of ROC forms or AGM? Without audited P&L and Balance sheet, how can we file Annual returns?
Appreciate your response.
Thanks.
A V Vishal
(Expert) 30 November 2011
1. When is our first AGM due? Do we have to hold it before 31st Dec 2011?
Ans. Your first AGM should be held on 7th May 2012.
2. What comes first the stautory audit or filing of ROC forms or AGM?
Ans. First the staturory audit, next the AGM and lastly filing of ROC forms.
Without audited P&L and Balance sheet, how can we file Annual returns?
Ans. You cannot file the Financial statements without proper audit, in case you file them they will be rejected since audit is mandatory under Companies Act.
Raj Kumar Makkad
(Expert) 01 December 2011
Annual returns are based upon balance sheet and profit and loss account so preparation of those is must for the it.
Rest i have similar reply as of Vishal.
Sailesh Kumar Shah
(Expert) 01 December 2011
I humbly disagree with Shri A V Vishal on answer of question no.1.
First AGM should be held on 31-12-2011.
Rest is agree with him.
A V Vishal
(Expert) 01 December 2011
Can you give logical reason for disapproving the date of AGM Mr Shailesh, Please let me know how you have arrived the date o agm as 31.12.2011
M/s. Y-not legal services
(Expert) 01 December 2011
dear vishal sir., let me know how you have arrived the date of agm as 7th May 2012?
A V Vishal
(Expert) 01 December 2011
Please read S.166 in conjunction with S.210 and you will get the answer
Guest
(Expert) 01 December 2011
Dear Mr. A V Vishal,
In fact the controversy appears to have arisen from the sentence "Your first AGM should be held on 7th May 2012" used by you in definitive language, whereas it SHOULD NOT ONLY BE on the exact date of 7th May 2012, but at the most by not later than that date.
I think had you stated like the following--
"Your first AGM should be held any time on or before 7th May 2012" --
-- that would have matched with the provisions of section 166, as the AGM should be held WITHIN a period of NOT more than eighteen months from the date of its incorporation. In fact eighteen months period is the maximum time for holding of the AGM for a new company. Section 210 merely discusses with the presentation of annual accounts and balance sheet of a company with a period to be covered for the purpose.
I hope you would like to agree with me.
Sailesh Kumar Shah
(Expert) 01 December 2011
Shri A V Vishal,
Respected Sir,
My answer is according to section 210(3).
(3) The profit and loss account shall relate—
(a) in the case of the first annual general meeting of the company, to the period beginning with the incorporation of the company and ending with a day which shall not precede the day of the meeting by more than nine months;
Thanks
With Regards,
A V Vishal
(Expert) 01 December 2011
Mr Shailesh also refer S.166, I have posted earlier that S.166 needs to be read in conjunction with S.210
A V Vishal
(Expert) 01 December 2011
Thanks Mr Dhingra for correction of the grammatical mistake, that is what I perfectly meant :"Your first AGM should be held any time on or before 7th May 2012"
Sailesh Kumar Shah
(Expert) 01 December 2011
Respected Sir,
With due respect, I have given answer as per section 166 read with section 210.
section 166 speaks that A new company which is registered under the Act, shall hold its first annual general meeting latest within a period of eighteen months from the date of its incorporation.
whereas Section 210 speaks the accounts placed before the first annual general meeting shall be for the period beginning from the date of incorporation and ending on a day of financial year, which will not precede the first annual general meeting by more than nine months from the close of the first financial year of the company.
I hope, you would satisfied from my answer.
Thanks
with Regards,
A V Vishal
(Expert) 01 December 2011
I'm not Mr Shailesh, Please read the query since the querist has clearly stated the date of incorporation as 8th Dec'2010, please calculate the period of 18 months from the date of incorporation further in your later post u have replied that ur reply is based as per s.210(3) I quote:Shri A V Vishal,
Respected Sir,
My answer is according to section 210(3).
(3) The profit and loss account shall relate—
(a) in the case of the first annual general meeting of the company, to the period beginning with the incorporation of the company and ending with a day which shall not precede the day of the meeting by more than nine months;
Thanks
With Regards,"
In the last post you have spoken about 166, but did not understand the relevant provision.
I stick to my earlier clarification to Mr Dhingra that "Your first AGM should be held any time on or before 7th May 2012"
Sailesh Kumar Shah
(Expert) 01 December 2011
Respected Sir
Querist already mentioned accounting year closed on 31mar,2011, So as section 210(3), First AGM Shall be held upto 31-12-2011.
With due respect, I still stand on my answer.
Thanks
with Regards,
A V Vishal
(Expert) 01 December 2011
The querist has stated ye 31-03-2010 since the fy followed is april to march, however under company's act he is at liberty to conduct & file his returns until the date suggested by me. Even assuming your arguement the answer is the date which is suggested by me.
Guest
(Expert) 01 December 2011
@ Shri A V Vishal,
With reference to your agreement with my proposed modification to your answer, you are welcome please.
