Process of AGM Extension of Pvt Ltd Company

Process of Extension Annual General Meeting For March 2020

 As per Sec 96 (1) Every company other than a One Person Company shall in each year hold in addition to any other meetings, a general meeting as its annual general meeting within a period of six months, from the date of closing of the financial year (mostly financial years end on 31^st March and due date of AGM become 30th September).

If a Company fails to hold AGM within due date then such company is liable for penalties u/s 99 of Companies Act, 2013 i.e. (complying with any directions of the Tribunal, the company and every officer of the company who is in default shall be punishable with fine which may extend to one lakh rupees and in the case of a continuing default, with a further fine which may extend to five thousand rupees for every day during which such default continues).

The Registrar of Companies are hereby advised to consider all such application liberally in view of the hardship faced by the stakeholders and to grant extension for the period as applied for (up to 3 months) in such application.

 Process of Extension : As per Section 96(1), if a company wants to get extension for holding of AGM after due date, such company have to follow the below mentioned process:

Calling of Board Meeting

• Company shall call its Board Meeting as per section 173 and Secretarial Standard I.
• Board of Directors shall discuss reason for non-possibility of holding of AGM within due date.
• Board of Directors shall pass a Board resolution for filing of application with ROC for extension of AGM and authorization of any director to sign such application.

Preparation of Application

Company shall prepare an application for approval of ROC for extension of AGM. Following Points to be covered in application:

1. About Company: (Name, Registered office, Capital Structure etc)

2. Reason for non-possibility of holding within due date

• Attach copy of MOA, AOA of Company 

Preparation & filing of e-form

Company shall prepare e-form GNL-1 for filing of application with Registrar of Company. GNL-1 is required to file with ROC “Form for filing an application with Registrar of Companies”

• Mention Name of Company
• Select reason for application in point no 6
• Affix DSC of Director
• File same with ROC