All the Companies in India are incorporated, governed even get closed as per The provisions of The Companies Act, 2013.
Though there some provisions under The Companies Act, 2013 which are applicable to specific companies falling into some specific criteria/(s).
One such provision is Report on Annual General Meeting. Lets go through its related provisions.
What is a Report on Annual General Meeting?
There is no definition for Report on Annual General Meeting, though from its name it can be termed as written detailed description of proceedings of Annual General Meeting.
What are provisions governing this report?
As per Companies Act, 2013, section 121 read with rule 31 of The Companies (Management and Administration) Rules, 2014 are applicable to Report of Annual General Meeting.
What are the contents which are to be given in Report on Annual General Meeting?
The report shall contain the details in respect of the following, namely:-
(i) the day, date, hour and venue of the annual general meeting;
(ii) confirmation with respect to appointment of Chairman of the meeting;
(iii) number of members attending the meeting;
(iv) confirmation of quorum;
(v) confirmation with respect to compliance of the Act and the Rules, secretarial standards made there under with respect to calling, convening and conducting the meeting;
(vi) business transacted at the meeting and result thereof;
(vii) particulars with respect to any adjournment, postponement of meeting, change in venue; and
(viii) any other points relevant for inclusion in the report.
(d) the Report shall contain fair and correct summary of the proceedings of the meeting.
Is Report on Annual General Meeting is applicable to all companies?
This report is applicable to only Listed Companies only.
Note that here listed company” means a company which has any of its securities listed on any recognised stock exchange;
Provided that such class of companies, which have listed or intend to list such class of securities, as may be prescribed in consultation with the Securities and Exchange Board, shall not be considered as listed companies.
Is this report is required to be signed?
The report shall be signed and dated by the Chairman of the meeting or in case of his inability to sign, by any two directors of the company, one of whom shall be the Managing director, if there is one and company secretary of the company
Is there any return / form which is required to be filed to Registrar of Companies (ROC)?
This report is to be submitted to Registrar of Companies in the E-form MGT-15.
What is the time limit to file this E-form to Registrar of Companies (ROC)?
E-form MGT-15 is to required to filled to Registrar of Companies within thirty (30) days after this there will be levy of additional fees.
What if a company fails to comply this provision?
If the company fails to file the report under sub-section (2) before the expiry of the period specified therein, such company shall be liable to a penalty of one lakh rupees and in case of continuing failure, with further penalty of five hundred rupees for each day after the first during which such failure continues, subject to a maximum of five lakh rupees and every officer of the company who is in default shall be liable to a penalty which shall not be less than twenty-five thousand rupees and in case of continuing failure, with further penalty of five hundred rupees for each day after the first during which such failure continues, subject to a maximum of one lakh rupees.
Disclaimer: – The above article is prepared keeping in mind various provisions relating to Report on Annual General meeting (AGM) under the Companies Act, 2013 and rules made thereunder. The author has tried to cover all the important and basic question relating to this Report. Under no circumstance, the author shall not liable for any direct, indirect, special or incidental damage resulting from, arising out of or in connection with the use of the information.
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