Consolidated Financial Statements

Consolidated Financial Statements

Earlier, the Securities and Exchange Board of India (SEBI) required the listed entities to prepare Consolidated Financial Statements along with the separate financial statements of the Holding Company. Now, also the Companies Act, 2013 mandates the preparation of Consolidated Financial Statements (CFS) by all the Companies, including unlisted companies, having one or more Subsidiaries, associate companies or joint ventures. What is Consolidated Financial Statements (CFS)? Consolidation Financial Statements (CFS) is the combination of the financial […]

Role of Company Secretary

Role of Company Secretary in convening Annual General Meeting

The Role of Company Secretary in administering and managing the business affairs of the Company has been increased over the years. The Company Secretary is responsible for statutory compliance of the company with the regulators. In today’s business climate, the role of Company Secretary (CS) has been intensified with greater responsibilities and duties. In addition to preparing agendas and setting up board meetings, company secretaries are becoming key individuals within their companies. According to the […]

Annual General Meeting

Annual General Meeting requirement in case of Listed entities

Section 96 of the Companies Act, 2013 requires every Company other One Person Company (OPC) to conduct once a year a meeting, in addition to any other meeting, for its members, called as Annual General Meeting. Annual General Meeting requirement in case of Listed entities is lengthier than unlisted companies. If the Company is listed, it needs to comply further with the provisions of Securities and Exchange Board of India (SEBI), various other Regulations also […]

Power of Tribunal to call Annual General Meeting (AGM)

Section 96 of the Companies Act, 2013 requires every Company other One Person Company (OPC) to conduct once a year a meeting, in addition to any other meeting, for its members, called as Annual General Meeting. Section 97 of the Companies Act, 2013 states the Power of Tribunal to call Annual General Meeting (AGM) in case of default in convening annual general meeting In case the company makes default in holding the Annual General Meeting, any […]

Extension for convening Annual General Meeting

Extension for convening Annual General Meeting (AGM)

The Power to grant extension for convening Annual General Meeting (AGM) lies with the Registrar of Companies (ROC). Section 96 of the Companies Act, 2013 requires every Company other One Person Company (OPC) to conduct once a year a meeting, in addition to any other meeting, for its members, called as Annual General Meeting. The First Annual General Meeting shall be held within nine months from the closing of the first financial year. Subsequent, All […]

Annual General Meeting

Annual General Meeting under Companies Act 2013 – PART 2

In Continuation to the previous post on Annual General Meeting (AGM): Content of Annual General Meeting Further, the following documents are also to be sent with the notice calling Annual General Meeting: – Copy of Annual Accounts / Financial statements of the Company; – Directors’ Report and its annexures representing Company’s position for the given financial year; – Auditors’ Report and its annexures and – Any other required documents. Matters to be discussed at the […]

Annual General Meeting

Annual General Meeting under Companies Act 2013 – PART 1

Section 96 of the Act deals with the provisions of the Annual General Meeting (AGM) under Companies Act, 2013. What is Annual General Meeting? Section 96 states that every Company registered in India other One Person Company (OPC) is required to hold a general meeting in addition to any other meeting, in each financial year for its members, called the Annual General Meeting (AGM). Purpose of AGM The purpose of an Annual General Meeting is to […]

Clarification on holding of Annual General Meeting (AGM) through video conferencing (VC) or other audio visual means (OAVM)

On account of COVID-19 outbreak, several representations have been received by the Ministry of Corporate Affairs (MCA) for providing some relief measures in the provisions of the Companies Act, 2013 (the Act) and rules made thereunder for holding Annual General Meeting (AGM) in a manner provided in the General Circular dated April 8, 2020 (EGM Circular –I) and General Circular dated April 13, 2020 (EGM Circular –II) Earlier MCA vide General Circular dated April 21, […]

MCA allows relaxation of holding AGM against Covid-19

MCA allows relaxation for holding AGM against Covid-19

In a massive relief to the Companies, the Ministry of Corporate Affairs (MCA) via general circular No. 18/2020 allows relaxation for holding Annual General Meeting (AGM) to fight against COVID-19 to the Companies whose financial year ended on December 2019. Under Companies Act, every Company requires to hold AGM within a period of six months (Nine months in case of first AGM) from the closure of the financial year and not later than 15 months […]