Every company incorporated under the Companies Act, 2013 must hold an Annual General Meeting (AGM). For a newly incorporated company, the first AGM carries a different timeline from the standard rule — and getting it wrong triggers penalties on the company and personal liability for every director and officer in default.
This guide covers the first AGM rules, when the clock starts, and what to do if you can't meet the deadline.
What Is an AGM and Why Is It Mandatory?
An Annual General Meeting is the yearly meeting of a company's shareholders (members) at which the board presents the audited financial statements, declares dividends, appoints or re-appoints auditors, and transacts other ordinary business. Under Section 96 of the Companies Act, 2013, every company (except a One Person Company) must hold an AGM in each calendar year.
The AGM is the anchor for several post-meeting filings — AOC-4 (financial statements), MGT-7/MGT-7A (annual return), and ADT-1 (auditor appointment) all have due dates counted from the AGM date. Missing the AGM means these filings are also delayed.
First AGM Due Date for a Newly Incorporated Company
The standard AGM deadline is 6 months from the end of the financial year (30 September for companies with a 31 March year-end). But for a company's first AGM, the deadline is different:
The first AGM must be held within 9 months from the date of closing of the first financial year.
This means if a company's first financial year ends on 31 March 2025, the first AGM must be held on or before 31 December 2025.
What Is the First Financial Year of a New Company?
The financial year ends on 31 March every year. For a newly incorporated company, the first financial year starts from the date of incorporation and ends on the next 31 March — unless the period from incorporation to 31 March is 3 months or less, in which case the company may extend the first financial year to the 31 March of the following year.
| Date of Incorporation | First Financial Year Ends | First AGM Deadline |
|---|---|---|
| 15 April 2024 | 31 March 2025 | 31 December 2025 |
| 1 November 2024 | 31 March 2025 | 31 December 2025 |
| 15 January 2025 | 31 March 2026 (extended) | 31 December 2026 |
| 10 March 2025 | 31 March 2026 (extended) | 31 December 2026 |
Key rule for January–March incorporations: If a company is incorporated between 1 January and 31 March, the period from incorporation to 31 March is 3 months or less. The company may treat this short period as part of the next financial year, giving it until 31 December of the following year for its first AGM.
Can the First AGM Be Extended?
No. Unlike subsequent AGMs (which can be extended by up to 3 months with Registrar approval), the first AGM of a newly incorporated company cannot be extended under any circumstances. This is explicitly stated in the proviso to Section 96(1) of the Companies Act, 2013.
Subsequent AGMs — Standard Rules
From the second AGM onwards, the rules change:
- AGM must be held within 6 months from the end of the financial year (by 30 September for a 31 March year-end)
- No more than 15 months may elapse between two consecutive AGMs
- The Registrar can grant an extension of up to 3 months on application via Form GNL-1
Extension of AGM via Form GNL-1
For subsequent AGMs only, if a company cannot hold the AGM within 6 months, it can apply to the Registrar of Companies for an extension:
- File Form GNL-1 on the MCA V3 portal before the original AGM due date
- State the special reasons for the inability to hold the meeting on time
- The Registrar may grant up to 3 months extension at their discretion
Important: The application must be filed before the original due date — the Registrar will not grant a post-facto extension.
Penalties for Not Holding the AGM on Time
Under Section 99 of the Companies Act, 2013, failure to hold an AGM within the prescribed time (or extended time granted by the Registrar) attracts:
- Company penalty: Up to ₹1,00,000
- Continuing default: Additional ₹5,000 per day for each day the default continues after notice from the Tribunal
- Officer in default: Every officer of the company who is in default is also personally liable for these penalties
Beyond the direct penalty, a missed AGM cascades into delayed financial statement and annual return filings (AOC-4 and MGT-7/7A), each of which attract their own late fees of ₹100 per day of delay — with no upper cap.
AGM and Annual Filings — The Connection
The AGM is the trigger for three critical post-meeting filings:
| Form | Purpose | Due Date |
|---|---|---|
| AOC-4 | Financial statements | Within 30 days of AGM |
| MGT-7 / MGT-7A | Annual return | Within 60 days of AGM |
| ADT-1 | Auditor appointment | Within 15 days of AGM |
Holding the AGM late pushes all three deadlines out — and late filing fees accumulate from the original statutory deadline, not from the actual (late) AGM date. So a late AGM creates compounding penalties across multiple forms.
OPC — No AGM Required
A One Person Company (OPC) is exempt from holding AGMs under Section 96. An OPC must file its financial statements (AOC-4) within 180 days from the end of the financial year — by 27 September for a 31 March year-end — and its annual return (MGT-7A) within 60 days of the deemed AGM date.
How Leagully Helps
Leagully tracks every company's AGM deadline automatically — including the 9-month first-AGM rule for newly incorporated companies — and sends alerts before the deadline. Post-AGM, it prepares AOC-4, MGT-7A and ADT-1 from live MCA data and files them directly on the MCA V3 portal. No missed deadlines, no cascading penalties.
For the full annual compliance calendar, see the MCA compliance checklist for private limited companies. For details on the financial statements filing due after the AGM, see our AOC-4 filing guide.