[Notification Date: 26.03.2014; Effective from:01.04.2014]
Section 96- Annual general meeting. [Corresponds to Section 166 of the Companies Act, 1956]
(1) Every company other than a One Person Company shall in each year hold in addition to any other meetings, a general meeting as its annual general meeting and shall specify the meeting as such in the notices calling it, and not more than fifteen months shall elapse between the date of one annual general meeting of a company and that of the next:
Provided that in case of the first annual general meeting, it shall be held within a period of nine months from the date of closing of the first financial year of the company and in any other case, within a period of six months, from the date of closing of the financial year:
Provided further that if a company holds its first annual general meeting as aforesaid, it shall not be necessary for the company to hold any annual general meeting in the year of its incorporation:
Provided also that the Registrar may, for any special reason, extend the time within which any annual general meeting, other than the first annual general meeting, shall be held, by a period not exceeding three months.
(2) Every annual general meeting shall be called during business hours, that is, between 9 a.m. and 6 p.m. on any day that is not a National Holiday and shall be held either at the registered office of the company or at some other place within the city, town or village in which the registered office of the company is situate:
In case of Government Companies in sub-section (2) for the words "some other place within the city, town or village in which the registered office of the company is situate", the words "such other place as the Central Government may approve in this behalf” shall be substituted - Notification F No 1/2/2014-CL.V dated 05.06.2015.
In case of Government Company - In sub-section (2) of Section 96 for the words " such other place as the Central Government may approve in this behalf', the words "such other place within the city, town or village in which the registered office of the company is situate or such other place as the Central Government may approve in this behalf' shall be substituted -
Provided that the Central Government may exempt any company from the provisions of this sub-section subject to such conditions as it may impose.
In case of section 8 Companies in sub-section (2), after proviso following provisio is inserted - Notification F. No.1 /2/2014-CL.I dated 05.06.2015.
Provided further that the time, date and place of each annual general meeting are decided upon before-hand by the board of directors having regard to the directions, if any, given in this regard by the company in its general meeting.
Explanation.—For the purposes of this sub-section, “National Holiday” means and includes a day declared as National Holiday by the Central Government.