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Schedule A Demo

Annual General Meeting - AGM

Section 96 of the Companies Act, 2013 states that every company, other than a One Person Company (OPC) should hold an Annual General Meeting every year and the notice for calling the meeting should specify as such

Following points to be observed:

  • First AGM: Must be held within 9 months from the date of closing of the first financial year.*
  • Gap between AGMs: Should not exceed 15 months.
  • Subsequent AGMs: Should be held within 6 months of the close of the financial year.
  • Timing: Every AGM should be called within business hours, between 9:00 a.m. and 6:00 p.m., on a day that is not a national holiday.
  • Venue: The AGM should be held at the registered office of the company or at some other place within the city, town or village where the registered office is situated.**
  • Unlisted companies: The AGM of an unlisted company can be held anywhere in India with the consent of all members in advance.
  • Registrar extension: The Registrar may extend the time of AGM, other than the first AGM, on application by 3 months for special reasons.
  • Power of the Tribunal: In case the company defaults in holding the AGM, any member of the company can apply to the Tribunal to call the AGM.

*In such case, there is no need to hold AGM in the year of incorporation.

**In case of a Government Company, AGM to be held at the registered office of the company or some other place within the city, town or village in which the registered office of the company is situated or such other place as the Central Government may approve in this behalf.

Penalty:

Company and every officer of the Company who is in default liable to pay fine which may extend to Rs. 1,00,000 and Rs. 5000/- per day of continuous default

Note: Under Regulation 44(5) of LODR: The top 100 listed entities by market capitalization, determined as on March 31st of every financial year, shall hold their annual general meetings within a period of five months from the date of closing of the financial year and shall provide one-way live webcast of the proceedings of the annual general meetings

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Disclaimer: The information contained in this Article is intended solely for personal non-commercial use of the user who accepts full responsibility of its use. The information in the article is general in nature and should not be considered to be legal, tax, accounting, consulting or any other professional advice. We make no representation or warranty of any kind, express or implied regarding the accuracy, adequacy, reliability or completeness of any information on our page/article.

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