Annual General Meeting (AGM)

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

RequirementDetails TimingWithin 6 months from end of financial year Notice PeriodMinimum 21 clear days Quorum (Public)5 members for up to 1000 members Quorum (Private)2 members personally present LocationRegistered office or within the city/town of registered office TimingBusiness 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.