Home

Section 96 First AGM

Purpose: The first AGM of a newly incorporated company must be held within 9 months from the end of the financial year.

Timeline: The first AGM must be held within 9 months from the end of the financial year in which the company was incorporated.

Exemption: Newly incorporated companies are exempted from holding the first AGM within the timeline mentioned above. In case the company fails to hold the first AGM within the stipulated time, the Registrar may, on an application made by the company, extend the time for holding the AGM by a period not exceeding 3 months.

Penalty: In case the company fails to hold the first AGM within the stipulated time or the extended time granted by the Registrar, it shall be punishable with a fine which shall not be less than Rs. 1 lakh but which may extend to Rs. 5 lakhs.

Reporting Authority: The company must file the Annual Return and Financial Statements with the Registrar of Companies (ROC) within 60 days from the date of AGM.

Other: The notice for the AGM must be sent to all the members, directors, and auditors of the company at least 21 days before the date of the meeting. The AGM must be held during business hours, that is, between 9:00 am to 6:00 pm on any day which is not a National Holiday. The AGM must be held at the registered office of the company or at some other place within the city, town, or village where the registered office of the company is situated.