WRITE A NOTE ON ANNUAL GENERAL MEETING

• ANNUAL GENERAL MEETING
• COMPANY LAW
• AS PER SECTION 96,ALL COMPANIES REGISTERED UNDER THE COMPANIES ACT 2013 OR ANY PREVIOUS ACT ( OTHER THAN A ONE PERSON COMPANY) SHALL IN EACH  CALENDER YEAR HOLD IN ADDITION TO ANY OTHER MEETING A GENERAL MEETING AS ITS ANNUAL GENERAL MEETING.
• CALENDAR YEAR IS TO BE CALCULATED FROM IST JANUARY TO 31 ST DEC AND NOT 12 MONTHS FROM THE DATE OF INCORPORATION.
• OBJECTS OF ANNUAL GENERAL MEETING
• IMPORTANT MEETING OF PROTECTING THE INTERESTS OF THE SHAREHOLDERS.
• ONLY AT AGM CAN EXERCISE CONTROL OVER THE AFFAIRS OF COMPANY
• BOARD OF DIRECTORS PLACE ACCOUNTS FOR CONSIDERATION,APPROVAL & ADOPTION BY SHAREHOLDERS IN THE AGM
• SHAREHOLDERS EXERCISE CONTROL OVER THE MGMT BY ELECTING OR REFUSING TO ELECT THE DIRECTORS.
• THE AUDITORS OF THE COMPANY ARE ALSO REPLACED OR REAPPOINTED BY THE SHAREHOLDERS IN THE AGM
• DIVIDEND PROPOSED BY THE DIRECTORS IS DECLARED IN THE AGM
• ALL OTHER MATTER ARE DISCUSSED AS SPECIAL BUSINESS IN THE AGM
• TIME
• FIRST AGM IS REQUIRED TO BE HELD WITH IN 9 MONTHS FROM THE END OF THE FIRST FINANCIAL YEAR
• SECTION 96(2) SHALL BE CALLED DURING BUSINESS HOURS THAT IS BETWEEN 9A.M AND 6 P.M ON ANY DAY THAT IS NOT A NATIONAL HOLIDAY.
• SUBSEQUENT AGM :-
• ONE MEETING HELD IN EACH YEAR
• THE GAP BETWEEN TWO AGM’S MUST NOT BE MORE THAN 15 MONTHS
• MUST BE HELD NOT LATER THAN 6 MONTHS FROM THE CLOSE OF FINANCIAL YEAR WHICH EVER IS EARLIER
• EXAMPLE
• DATE OF INCORPORATION: 20.4.2015
• DATE OF CLOSING THE FINANCIAL YEAR 31.3.2016
• DUE DATE = 31/12/2016( WITH NINE MONTH FROM THE DATE OF CLOSING OF THE FIRST FINANCIAL YEAR
• DATE OF CLOSING OF SECOND FINANCIAL YEAR= 31.3.2017
• DUE DATE OF AGM=19.09.2017
• ( NOT MORE THAN 15 MONTH)
• IF FIRST AGM HELD ON 20.6.2016
• DUE DATE OF 2^ND AGM = 30.09.2016( WITH IN SIX MONTH FROM THE CLOSING OF THE FINANCIAL YEAR
• DUE DATE OF 2^ND AGM SHALL BE EARLIER OF THE ABOVE TWO
• TIME
• EXTENSION OF TIME:- THE REGISTRAR MAY FOR ANY SPECIAL REASON EXTEND THE TIME FOR HOLDING THE ANNUAL GENERAL MEETING( EXCEPT THE FIRST GENERAL MEETING) BY A PERIOD NOT EXCEEDING THREE MONTHS.
• VALIDITY OF AGM HELD BEYOND STATUTORY TIME
• IS NOT VOID
• PENALTY WHICH MAY EXCEED TO,RS 100,000 AND ADDITIONAL FINE UP TO 5000 FOR EVERY DAY OF DEFAULT
• PROPER AUTHORITY:-
• BOARD OF DIRECTORS ARE THE PROPER AUTHORITY
• SEC 97 PROVIDES FOR THE POWER OF THE TRIBUNAL TO CALL AGM. ANY MEMBER CAN REQUEST TO NCLT FOR CALLING AGM
• NOTICE
• A PUBLIC COMPANY MUST GIVE AT LEAST 21 DAYS CLEAR DAYS NOTICE FOR CONVENING ANNUAL GENERAL MEETING. IT IS CALCULATED FROM THE DATE OF RECEIPT OF THE NOTICE BY THE MEMBERS.( 25 DAYS  BEFORE THE MEETING)
• IT EXCLUDES:
• THE DAY OF SERVICE OF THE NOTICE
• THE DAY ON WHICH THE MEETING IS TO BE HELD
• MAY BE HELD AT SHORTER NOTICE IF 95% OF THE MEMBERS ENTITLED TO VOTE IN THE MEETING
• NOTICE SPECIFY IT AS AGM
• NOTICE TO WHOM
• EVERY MEMBERS OF THE COMPANY
• LEGAL REPRESENTATIVE OF THE DECEASED
• RECEIVER OR OFFICIAL ASSIGNEE OF AN INSOLVENT MEMBER
• AUDITORS
• EVERY DIRECTOR OF THE COMPANY
• PRACTICING COMPANY SECRETARY
• DEBENTURE TRUSTEE
• STOCK EXCHANGE( LISTED COMPANY)
• QUORUM
• PUBLIC LTD =5
• PVT LTD =2
• QUORUM BASED ON THE NUMBER OF COMPANY
• UP TO 1000=5
• >1000<5000=15
• MORE THAN 5000=30
• BUSINESS  TO BE TRANSACTED
• ORDINARY BUSINESS:-102(2)
• CONSIDERATION OF THE ACCOUNTS,BALANCE SHEET AND THE REPORT OF BOD
• DECLARATION OF THE DIVIDEND
• APPOINTMENT OF THE DIRECTORS IN PLACE OF THOSE RETIRING
• THE APPOINTMENT  AND FIXING REMUNERATION OF TH AUDITORS

• SPECIAL BUSINESS
• SPECIAL BUSINESS
• EXAMPLE
• REMOVAL OF A DIRECTOR
• ISSUE OF BONUS SHARES
• ISSUE OF RIGHT SHARES

• POSTPONEMENT
• BOARD OF DIRECTORS MAY CANCEL OR POSTPONE AN ANNUAL GENERAL MEETING
• INCOMPLETE BOOKS OF ACCOUNTS PROPER REMEDY IS ADJOURNMENT OF THE MEETING