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CA Intermediate · Corporate and Other Laws · Management & Administration

Vindhya Cements Ltd, a listed company, holds its annual general meeting on 15 October 2025 for the year ended 31 March 2025. Considering the maximum permissible gap rules, which of the following statements is correct?

An AGM must be held within six months of the financial year end, here by 30 September 2025, and the gap between two AGMs cannot exceed 15 months. Without a Registrar extension of up to three months, an AGM on 15 October 2025 is in default.

  1. AThe AGM is valid, as the Registrar can always extend the time without any application
  2. BThe AGM is valid because the gap between two AGMs only matters, not the financial year end
  3. CThe AGM is in default because it should have been held within six months from the close of the financial year, i.e., by 30 September 2025, unless an extension was granted by the RegistrarCorrect
  4. DThe AGM is in default only if the gap between two AGMs exceeds 18 months

Explanation

An AGM must be held within six months from the close of the financial year, and the gap between two AGMs must not exceed 15 months. The Registrar may extend the time for holding an AGM (other than the first) by up to three months on application. Without an extension, 15 October 2025 is beyond 30 September 2025, so the company is in default. The first option is wrong as the extension requires an application.

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