Every company has to hold AGM Except one person company. the time limit for the holding of the AGM is supposed to calculate a total of three-time limits.
AGM Time Limit
- Two AGM gap between should not be more than 15 months.
- AGM has to be held within 6 months from the last day on which you ended the financial year.
- We must have a minimum of 1 AGM in every calendrer year. in case we are unable to hold the AGM within this such time, we can go to the ROC registrar of the company, and we can ask for an extension of a maximum of 3 months.
In case we hold the first AGM but AGM we have only a one-time limit and we have to hold the first AGM within 9 months from the end of the year. generally, you get 6 months from the end of the year but if you want for extension then you can go to the ROC, so the last to last for the first AGM holding period is 9 Months.
Where Should You Hold The AGM
The company is listed that is listed on a recognized stock exchange. The listed company will hold the AGM in the Register office or either any other place but must be in the same city, town, village where the registered office is situated.
If the company is an unlisted company it means is not listed on a recognized stock exchange. you can have in the Register office or you can have in any other place but the same city, town, village where the register office is situated or you can have anywhere else but in India, you need the prior consent of all the members.
Are you going to hold the AGM you have to hold the AGM during business hours on working days it should be a holiday.
AGM Report
AGM Report is applicable only to every listed company not to the unlisted company. the listed company has to prepare a report and hold the AGM, file the report with ROC within 30 days from the date of holding the AGM and file it in Form number MGT-15. in this report we will says which day we conducted AGM, how many numbers of member attended the AGM, which matters that we discussed in the AGM. so, all the details about the AGM we have to prepare a report for only the listed company.
NCLT Tribunal Direction
If any default is made in holding the AGM and the company is defaulting not holding the AGM, in that case, any member can straight away go and application to the NCLT and NCLT will pass in order asking the company and says hold the AGM and NCLT will give its own instruction.
Penalty For Violation of AGM
If the company not holding the AGM then that time company and also officer will be punished with the penalty of 1 Lakh Rs. and they will be punished with 5000 per day.
