A company was formed on 4th February 2014 and has closed his first financial year on 31st March 2015. I would like to know till what time company can hold First AGM, whether it should be within 18 months from date of incorporation of company or within nine months from the date of close of financial. Please advice?
Answer: Section 96(1) of the Companies Act 2013 provides that in case of first Annual General Meeting, it shall be held within a period of nine months from the date of closing of the first financial year and in any case, within a period of six months, from the date of closing of the financial year.Further, Section 2(41) of the Companies Act 2013 defines financial year in relation to any company or body corporate as the period ending on 31st day of March every year and where it has been incorporated on or after 1st day of January of a year, the period ending on 31st day of March of the following year, in respect whereof financial statement of the company or body corporate is made up.