Guidelines

What are the legal provision relating to annual general meeting?

What are the legal provision relating to annual general meeting?

A company can hold its first Annual General Meeting within the period of 9 months from the closing of its first financial year. It can also conduct AGM within the period of 6 Months. There is no need to call an AGM in the year of its Company incorporation if a company hold its meeting as per above.

What is section of annual general meeting?

The Companies Act, 2013 Chapter- XXIA Producer Companies Part- IV General Meetings 1[Section 378ZA: Annual general meetings. 378ZA. ( 1) Every Producer 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 theā€¦

How many days before the annual general meeting The notice of the meeting is required to be sent?

21 days
The company must give a clear 21 days’ notice to its members for calling the AGM. The notice should mention the place, the date and day of the meeting, the hour at which the meeting is scheduled. The notice should also mention the business to be conducted at the AGM.

When should the annual general meeting be held?

The first annual general meeting of the Company should 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.

What is another name for annual general meeting?

An annual general meeting, or annual shareholder meeting, is primarily held to allow shareholders to vote on both company issues and the selection of the company’s board of directors.

Who is not entitled to call the extraordinary general meeting?

However, only certain members with a significant stake in the company are allowed to call for an EGM. They are listed in the Companies Act,2013 as follows. In the case of a company having a share capital, members holding not less than one-tenth of such paid-up capital of the company that carries voting rights.

Who is Authorised to attend an annual general meeting?

In terms of paragraph 4.3 of SS-2, the Secretarial Auditor or his authorised representative is required to attend the AGM. In case of other General Meetings, Explanation to paragraph 4.3 states that the Chairman may invite the Secretarial Auditor or his authorised representative to attend, if he considers it necessary.

What is the difference between a general meeting and an annual general meeting?

The key difference is that an AGM is a scheduled meeting which must be held annually. On the other hand, an EGM is an ad-hoc meeting convened in response to an urgent matter. While the two meetings hold different purposes, the legal requirements surrounding their operation are similar in nature.

Who can call annual general meeting?

Who can call an annual general meeting. The following people can call the annual general meeting: a voting member of the committee (usually the secretary) who has been authorised by the majority of the committee voting members.

Who is entitled to call the extraordinary general meeting?

Sub-section (1) of section 100 empowers the board of directors to call extraordinary general meeting as and when it is deemed necessary. The board may call such extraordinary meeting depending upon the exigencies of the conduct of the business of the company.

Who can call the extraordinary general meeting?

An extraordinary general meeting can be called by either a: committee member (if approved by the majority of voting committee members) written request signed by at least 25% of lot owners or their representatives.

What happens at an annual general meeting?

An annual general meeting, or annual shareholder meeting, is primarily held to allow shareholders to vote on both company issues and the selection of the company’s board of directors. In large companies, this meeting is typically the only time during the year when shareholders and executives interact.

What was Section 166 of the Companies Act 1956?

Section 166 in The Companies Act, 1956. 166. Annual general meeting. 1. (1) Every 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

Is the annual general meeting held under the Companies Act?

[ Second proviso to Section 96 of the Companies Act,2013]. However , if such first AGM is not held, NCLT can order holding of General Meeting under section 97 of the Act. Application for extension of time should be submitted electronically in e-form no. 61.

What was the length of notice for a company meeting in 1956?

Section 171 in The Companies Act, 1956 171. Length of notice for calling meeting. (1) A general meeting of a company may be called by giving not less than twenty- one days’ notice in writing.

What did the Companies Act of 1960 say about private companies?

1. Subs. by Act 65 of 1960, s. 43, for sub- section (1). (b) a private company which is not a subsidiary of a public company, may in like manner and also by a resolution agreed to by all the members thereof, fix the times as well at the place for its annual general meeting.]