An Annual General Meeting (AGM) is a mandatory yearly meeting of a company's shareholders. It is a legal requirement under the Companies Act, 2013 for all companies except One Person Companies (OPCs).
Purpose of AGM
- Adoption of financial statements (Balance Sheet, Profit & Loss Account)
- Declaration of dividends
- Appointment/reappointment of auditors
- Appointment of directors in place of retiring directors
- Any other business with proper notice
AGM Requirements
| Requirement | Details |
|---|---|
| Timing | Within 6 months from end of financial year |
| Notice Period | Minimum 21 clear days |
| Quorum (Public) | 5 members for up to 1000 members |
| Quorum (Private) | 2 members personally present |
| Location | Registered office or within the city/town of registered office |
| Timing | Business hours on any day except national holiday |
Penalty for Non-Compliance
Failure to hold AGM can result in penalties up to Rs. 1 lakh on the company and Rs. 25,000 on every officer in default.
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