The Board of Directors of the Company should call an Annual General Meeting of Shareholders to be held once in each calendar year. The Company is not required to hold its First Annual General Meeting in the first year of its incorporation, but it should be held within 18 months of its Incorporation. The Company has to hold an Annual General Meeting, at least 14 days prior to the Annual Return Date.
Annual Return is filing an Annual Report in Department of Registrar of Companies by the company at least once a year. The First Annual Return should be delivered after 18 months from the Date of Incorporation. Then the Company should deliver the Annual Report each year. There is a specific Structure to create the Report.
Form 15 used to submit an Annual Report to the ROC. When filling Form 15, Company has to give Details of Share Register, Records, Shares, Directors, Secretaries, Auditors, Last Annual Return, Existing Shareholders, Annual General Meeting etc.
If the Company is unable to hold an Annual General Meeting all Directors of the Company should agree to dispense withholding of the Annual General Meeting of the Company and to pass resolutions in respect of all matters required to be taken up at the Annual General Meeting. This Resolution must be submitted with the Form 15 to ROC.
If the Company fails to comply with the requirement of having its Annual General Meeting then the Company shall be guilty of an offence and be liable on conviction to a fine not exceeding Rs. 100,000/- and every officer of the Company who is in default shall be guilty of an offence and be liable on conviction to a fine not exceeding Rs.50,000/-.