Section 121 of the Companies Act, 2013
Here is a detailed explanation of Section 121 of the Companies Act, 2013:
📘 Section 121 – Report on Annual General Meeting (AGM)
This section deals with the filing of a report by companies regarding the conduct of their Annual General Meeting (AGM) with the Registrar of Companies (ROC).
🧾 Key Provisions of Section 121
1. Applicability
Section 121 applies to:
Listed public companies only.
2. Requirement to Prepare a Report
Every listed public company must prepare a report on its AGM, confirming that:
The meeting was held, and
The meeting was conducted in accordance with the provisions of the Companies Act.
3. Time Limit for Filing
The report must be filed with the Registrar (ROC):
Within 30 days of the conclusion of the AGM,
In Form MGT-7A or Form MGT-15, as applicable,
Accompanied by the prescribed fees.
4. Contents of the Report
The report should confirm:
That the AGM was duly convened,
Proper notices were sent,
The meeting was conducted properly,
The required quorum was present,
Resolutions were passed in the prescribed manner.
5. Penalty for Non-Compliance
If a company fails to file the report:
The company shall be liable to a penalty of ₹1 lakh, and
In case of continuing default, a further penalty of ₹500 per day, subject to a maximum of ₹5 lakh.
📌 Purpose of Section 121
To ensure transparency in the conduct of AGMs,
To enable the Registrar to monitor compliance with procedural requirements of AGMs in listed companies,
To hold companies accountable for their governance practices.
📄 Relevant Form
| Form No. | Purpose |
|---|---|
| MGT-15 | Filing of AGM Report by a listed public company |
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