Notice Of Annual General Meeting: Fill & Download for Free

Who appoints the CA as the statutory auditor of a company (or, for that matter, the internal auditor or accounts head)? Are you aware? The company itself!!!Who pays the CA for performing his duties of the auditor? The company itself!!!So, do you think the CA will go against the company which appoints him and pays him?Have you heard, “never bite the hand that feeds you”?Let me point out the relevant legal provisions. Section 139 of the Companies Act, 2013, deals with appointment of auditors (i.e., the CA or Chartered Accountant) of a company, and the relevant extract is as under:[1]“139. Appointment of auditors.—(1) Subject to the provisions of this Chapter, every company shall, at the first annual general meeting, appoint an individual or a firm as an auditor who shall hold office from the conclusion of that meeting till the conclusion of its sixth annual general meeting and thereafter till the conclusion of every sixth meeting and the manner and procedure of selection of auditors by the members of the company at such meeting shall be such as may be prescribed:Provided that the company shall place the matter relating to such appointment for ratification by members at every annual general meeting: … …”.Remember, this provision deals with the appointment of the so-called “statutory auditor” or the external auditor, who is supposed to be independent of the company.You can notice from the above legal provision that the auditor is appointed by the company itself, at its annual general meeting.Now, what does annual general meeting (AGM) imply? It means the collective body of the shareholders who assemble every year to approve, by way of voting, certain important matters of the company, as laid down in the Companies Act, including the annual accounts.Since usually the management of the company (i.e., the Board of Directors) would command majority of the shareholding, or at least a substantial shareholding (in case of big companies), the annual general meeting of the shareholder would generally take decisions as proposed by the management of the company. It is extremely rare that the AGM of a company will take a decision against the proposal of the management of any issue.Thus, the CA, who is chosen and proposed by the management or the Board of Directors of the company, would be appointed by the AGM of the company as its auditor.Do you think that the CA who has been appointed by the management would go against the management itself? Will the CA bite the hand that feeds him?Generally, not. In practice, almost never.This is the legal position with regard to the statutory auditor of the company who is supposed to audit the accounts of the company and point out all frauds, irregularities, mistakes, tax evasions, etc., in the accounts of the company.In addition, many companies (in particular, the big ones) appoint CA or CA’s as internal auditors or accounts head. They are completely at the free will of management.So, unless you have a system where the statutory auditors are appointed by an independent body and are also paid from some independent pool of money (which can perhaps be pooled from all companies and which should not be under the control of any individual company, or at least the company being audited), you cannot have the CA pointing out or exposing the corruption, frauds, illegalities, irregularities, tax evasion, etc., committed by the company.I sincerely believe that CA’s can do wonderful job of detecting frauds, if the system of their appointment and payment is changed under law.In the present system, instead of exposing the wrongdoings of the company, the CA would rather help the company to hide its wrongdoings. In fact, many a time, the CA would himself suggest the company as to how the accounts can be manipulated for tax evasion, wrongdoings, etc. This is what perhaps happened during demonetisation of higher denomination currency notes.It is because of these reasons that last year, Prime Minister Narendra Modi had severally criticized the CA’s by asking them that “Your signature carries immense faith, please do not break that trust that is placed on you”. At the same meeting, PM Modi had also asked them:“Do you want to be known as someone who helped people evade taxes or those who helped them file their taxes honestly? It's for you to decide.”Do you recall the infamous Satyam Computers fraud of several thousand crores of rupees. In its findings, the CBI had said that Price Waterhouse auditors “intentionally” failed to apply certain audit standards to Satyam Computer Services Ltd, enabling the firm’s founder B. Ramalinga Raju and others to perpetrate India’s largest accounting fraud.It is noteworthy that the Indian arm of the famous international auditor firm PriceWaterhouseCoopers (PwC) was the external or statutory auditors for Satyam.Satyam’s Chairman B. Ramalinga Raju had himself, famously, confessed his guilt by saying that (read this excellent brief note on Satyam case):“It was like riding a tiger, not knowing how to get off without being eaten.”Means, he kept on indulging in financial frauds (diverting Satyam’s money into his privately held companies for real-estate dealings to make quick money, and when real estate market started falling he started creating false invoices, false bank balances, etc., to conceal this diversion of money from public scrutiny) but he did not know how to come out of it, without getting destroyed.Thus, in this kind of defective system, how can you expect the CA to expose corruption and wrongdoings of the company, which itself pays him and appoint him?Footnotes[1] http://www.mca.gov.in/Ministry/pdf/CompaniesAct2013.pdf

If you are holding shares of any company..and received annual report in mail..then you just have to mail them in a following manner..“Respected AuthoritiesI am requesting you to give the hard copy of the annual report and notice to __th Annual General Meeting of ______ LimitedMy details are as follows:Name:Address:Mobile Number:DP ID:Client ID:Client ID with Broker: ″I have received all reports by using the above format…Do take the second opinion.. Anyone with different opinion please do comment to increase our knowledge..

Here is a quick rundown of the cost of registering a company in Nigeria.FEES in Naira (₦)1Reservation of NameN500.002Registration of private company with share capital of N1million or lessN10,000.003Registration of private company/Increase in Share Capital above N1million and upto N500millionN5,000.00 for every N1million share capital or part thereof4Registration of private company/Increase in share capital above N500millionN7,500.00 for every N1million share capital or part thereof5Registration of Public company/Increase in share capitalN20,000.00 for the first N1million share capital or part thereof6Registration of Public Company/Increase in share capitalabove N1million and upto N500millionN10,000.00 for every N1million share capital or part thereof7Registration of Public Company/increase in share capital above N500millionN15,000.00 for every N1million share capital or part thereof8Registration of Company not having a share capitalN20,000.009Filing of notice of exemption of foreign Companies from RegistrationN30,000.0010Re-instatement/Relisting of company nameN25,000.0011Registration of charges for private companyN10,000.00 for every N1million or part thereof12Registration of charges for public companyN20,000.00 for every 1Million or part thereof13Filing of annual return for a small CompanyN2,000.0014Filing of annual return for Private company other than a small companyN3,000.0015Filing of annual return for public companyN5,000.0016Filing of annual return for company Limited by GuaranteeN5,000.0017Filing of annual report by foreign companiesN5,000.0018Filing of statement in form of schedule 14 under section 553N10,000.0019Filing of notice of merger/acquisitionN50,000.0020Filing of special resolution for mergerN20,000.0021Filing of other documents relating to mergerN10,000.0022Filing of statutory declaration of solvencyN5,000.0023Registration of appointment of liquidatorN10,000.0024Registration of resolution for winding upN10,000.0025Filing of return of final meeting and account of liquidationN5,000.0026Filing of notice of change of company nameN10,000.0027Filing of notice of alteration of memorandum and articles of associationN5,000.0028Filing of notice of changes in particulars of directorsN2,000.0029Filing of return of allotment and or notice of change in shareholdingN2,000.0030Filing of notice of change in registered addressN2,000.0031Filing of notice of appointment of receiverN10,000.0032Filing of notice of discharge of receiverN5,000.0033Filing of notice of change of signatureN2,000.0034Filing of notice of reduction in share capital by public companyN20,000.0035Filing of notice of reduction in share capital by private companyN10,000.0036Filing of deed of release by public companyN10,000.0037Fiiling of deed of release by private companyN5,000.0038Application for extension of time for holding of annual general meeting by public companyN10,000.0039Application for extension of time for holding of annual general meeting by private companyN5,000.0040Letter of Good StandingN10,000.0041Other filings (miscellaneous)N2,000.0042Certified true copy of certificate of registrationN10,000.0043Certified true copies of memorandum and articles of associationN3,000.0044Electronic SearchN1,000.00per company45Manual Search by customersN2,000.00 per company file46Manual Search Report prepared by officers of the CommissionN5,000.0047Certified true copies of other documentsN2,000.00 per document48Consent for Restricted NamesN5,000.00Business NameS/NSUBJECTFEES in Naira (₦)50Reservation of Name50051Registration of business name10,000.0052Filing of notice of change of business name5,000.0053Filing of notice of change in business address1,000.0054Filing of notice of change in proprietorship1,000.0055Filing of annual return1,000.0056Filing of notice of cessation of business1,000.0057Filing of other documents (miscellaneous)1,000.0058Search on business name file1,000.00 per business name file59Certified true copy of business name certificate of registration5,000.0060Certified true copies of other documents2,000.00 per documentIncorporated TrusteeS/NSUBJECTFEES in Naira (₦)61Reservation of Name50062Incorporation of trustees30,000.0063Filing of notice of change of name10,000.0064Filing of notice of change in trustees10,000.0065Filing of notice of amendment of constitution6,000.0066Filing of annual return5,000.0067Filing of notice of court order for dissolution of incorporated trustees5,000.0068Filing of other documents (miscellaneous)1,000.0069Search on incorporated trustees file2,000.0070Certified true copy of certificate of incorporation10,000.0071Certifed true copy of constitution5,000.0072Certified true copy of incorporation form2,000.0073Certified true copies of other documents2,000.00 per documentPENALTIESCompanyS/NSUBJECTFEES in Naira (₦)1Late filing of increase in share capital of public company10,0002Late filing of increase in share capital of private company5,000.003Late filing of annual return for small company3,000.00 per year4Late filing of annual return for a private company other than a small company5,000.00 per year5Late filing of annual return for public company10,000 per year6Late filing of annual return for Company Limited by Guarantee5,000.00 per year7Late filing of statement in form of schedule 14 under section 553100.00 per day for each director, company secretary and company8Late filing of notice of appointment of liquidator5,000.009Late filing of resolution for winding up500.00 for each director and the company secretary10Late filing of notice of change of company name5,000.0011Late filing of notice in alteration of memorandum and articles of association5,000.0012Late filing of notice/deed of release5,00013Late filing of notice of changes in particulars of directors5,000.0014Late filing of return of allotment by public company10,000.0015Late filing of return of allotment by private company5,000.0016Late filing of notice of change in shareholding5,000.0017Late filing of notice of change in registered address50.00 per day for every director, company secretary and company18Late filing of charges by public company10,000.0019Late filing of charges by private company5,000.0020Late filing of other documents (miscellaneous)5,000.00Business NameS/NSUBJECTFEES in Naira (₦)21Late filing of change of business name50.00 per proprietor22Late filing of notice of change in business address50.00 per proprietor23Late filing of notice of change in proprietorship50.00 per proprietor24Late filing of annual return2,500.0025Late filing of notice of cessation of business1,000Incorporated TrusteesS/NSUBJECTFEES in Naira (₦)26Late filing of annual return5,000.00FORMSCompanyS/NSUBJECTFEES in Naira (₦)1Set of incorporation forms500.002Others100.00 per formBusiness NameFEES in Naira (₦)1Registration form250.002Others100.00 per formIncorporated TrusteesFEES in Naira (₦)1Set of incorporation forms1,000.002Others100.00 per formAccreditation5,000.00