Kinds of meetings in company law 2013. Different Kinds of Meetings under Companies Act of 2013 2022-10-29
Kinds of meetings in company law 2013 Rating:
There are several kinds of meetings that can take place in the context of company law, each serving a specific purpose and governed by specific rules. In this essay, we will explore some of the main types of meetings that may be held by companies in the United Kingdom, as set out in the Companies Act 2013.
One of the most common types of meetings in company law is the annual general meeting (AGM). This is a mandatory meeting that must be held by all companies, typically once a year, to allow shareholders to receive information about the company's financial performance and to vote on important matters such as the appointment of directors and the adoption of financial statements. AGMs must be announced to shareholders at least 21 days in advance and must be held at a time and place convenient for shareholders.
Another type of meeting that may be held by companies is an extraordinary general meeting (EGM). EGMs are held outside of the usual schedule of AGMs and are called to discuss specific matters that cannot wait until the next AGM. EGMs can be called by the board of directors or by shareholders who hold at least 5% of the company's voting shares. Like AGMs, EGMs must be announced to shareholders at least 21 days in advance and must be held at a time and place convenient for shareholders.
In addition to AGMs and EGMs, companies may also hold board meetings to discuss and make decisions on matters related to the company's operations and management. Board meetings can be held in person or remotely, such as by conference call, and must be announced to all directors at least 48 hours in advance. Minutes of the meeting must be kept and made available to all directors.
Another type of meeting that may be held by companies is a creditor's meeting. Creditor's meetings are held when a company is experiencing financial difficulties and is considering insolvency procedures, such as administration or liquidation. Creditor's meetings are attended by the company's creditors, who are entitled to vote on proposals for the company's future. Creditor's meetings must be announced at least seven days in advance and must be held at a time and place convenient for creditors.
Finally, companies may also hold meetings of their employees, known as employee meetings. Employee meetings can be held to discuss matters related to the company's operations and management, as well as to consult with employees on decisions that may affect their employment. Employee meetings do not have the same legal requirements as AGMs, EGMs, or board meetings, but companies may have their own internal policies or collective bargaining agreements that govern the conduct of employee meetings.
In conclusion, there are several kinds of meetings that may be held in the context of company law, each serving a specific purpose and governed by specific rules. Understanding the different types of meetings and their requirements is important for companies and their stakeholders to ensure that meetings are conducted in a fair and transparent manner and that the interests of all parties are taken into account.
Company Meetings: 8 Main Types of Company Meetings
Validity of signature of the person signing, from specimen signatures. The Policy shall be disclosed in Board Report also. Composition: Minimum 3 directors with majority of directors shall be independent. VIGIL MECHANISM: Sec 177 with rule no. A copy of the report must be sent to every member at least 21 days before the date of the meeting.
From the following scenario, one can understand this. Minutes of the Meeting As per Section 118 of the Companies Act, 2013 minutes of the meeting has to be properly drafted. Oral notice may also be sufficient. In the event of a private corporation, only 2 members can make up the quorum of the meeting if they are directly present. In other words, every board meeting has to be held within 3 months to complete the required provision. He may also give directions regarding the calling, holding and conducting the meeting.
Every business transacted at such a meeting is special business. These committees consist of only directors. These meetings are usually held when it affects the particular class of shareholders. It is held to transact some urgent or special business that cannot be postponed until the next annual general meeting. The meeting can be done by way of video conferencing or any other audio-video means. A statutory meeting and annual general meeting address the issues that form the ordinary business of the corporation.
Such meeting is called Annual General Meeting of the company AGM. In general, special general meetings are held to address issues that are severe and should not wait for debate at the annual general meeting. Adjournment and Minutes After careful consideration and discussion, the meeting is adjourned and then disbanded, with members dispersing. Notice of General Meeting A meeting cannot be held unless a proper notice has been given to all persons entitled to attend the meeting at the proper time, containing the necessary information. When these are put to consideration and voting there are certain procedures and rules to be followed.
What Are The Laws Relating To Meetings Under Companies Act, 2013
Audit Committee may call comments of auditors about internal control systems, the scope of audit, including observation of auditors and review of financial statement before their submission to the Board and may also discuss any related issues internal or statutory auditors and management of company. Class meeting Class meetings are a type of meeting which are held by particular class of shareholder. I am a keen reader and enthusiastic listener of Corporate and Contract My Published Posts. These discussions must be recorded in official company documentation mentioning the essence of each meeting called the minutes of the meeting. This meeting is also held to transact some urgent business that cannot be deferred till the next Annual General Meeting. The statement must mention the time and place where all documents relating to special business can be inspected. A company is an association of several persons.
Further, MCA vide its aforesaid General Circular has clarified that in case of Companies falling under Section 108 read with rule 20 the concept of demand for poll is redundant. Notice is given to members but circulars are given to customers and public. Provided that a proxy shall not have the right to speak at such meeting and shall not be entitled to vote except on a poll. The Board of Directors may delegate certain matters to committees established for that purpose under Section 177 of the Companies Act, 2013. Extraordinary General Meetings Sec. Any issue that requires immediate attention necessitates extraordinary general meetings. All other general meetings other than these two are called Extraordinary General Meetings.
Meetings & Resolutions under the Companies Act, 2013
Extra-ordinary General Meetings EOGM Statutory Meeting and Annual General Meetings are called the ordinary meetings of a company. Similarly the Company Law Board may, direct a meeting of the company other than an annual general meeting to be called and held where for any reason it is impracticable to call a meeting and direct that even one member present in person or by proxy shall be deemed to constitute a meeting. Is it necessary that e-voting scrutinizer be appointed as scrutinizer at General meeting? It can pass any ancillary or consequential order as the tribunal may feel important. In case of any other General Meeting all business shall be special. In case approval of any document has to be done by the members at the meeting, the notice mus also state that the document would be available for inspection at the Registered Office of the company during the specified dates and timings. Thus the board of directors is a group of people responsible for the functioning and management of the company.
10 Types of Meeting in an Organization and in Company Law
A company meeting can be defined as a concurrence or coming together of members in order to transact either ordinary or special business of company. Any director will be requested to convene a board meeting and then a board meeting may be summoned by the chairman, secretary or any director upon such order. It is a platform that offers a single solution for various workspace requirements, such as fixed desks and cabins, virtual offices for meetings, on-demand desks for employees, private cabins for teams, and so on. Under the new Act, AGM can be held on any day including Saturdays, Sundays and public holiday except National Holidays 26th January, 15th August and 2nd October between 9 a. At such meetings, generally nmmatters pertaining to the variation in terms of security or to alteration of their rights are discussed. Every director has one vote but the Chairman has an extra vote known as casting vote, i.
A Study On The Kinds Of Meetings Under Companies Act, 2013
The registrar has a power to extend the period by additional 3 months. A Company is known to be an artificial person, it means with its separate legal entity, yet it cannot itself think over various issues and matters nor analyze them and cannot make a decision related to them. Section 391 to 393 of the Companies Act 2013 gives powers to the company to compromise with the creditors and lay down the procedure of the action. Board Resolution under section 113 Representation of body corporate 5. The meetings for such committees are held in the same way as those of Board Meetings. I am Shubham from Batch 2016-21 of GNLU.
Different kinds of Meetings under Companies Act of 2013
The convener must sign it and include the date of issuance. Ordinary Resolution : An ordinary resolution is one which can be passed by a simple majority. Every material fact regarding the meeting has to be stated in that statement. The minutes are a record of the discussions made at the meeting and the final decisions taken thereat. How is the brand beneficial for me as a freelancer? ADVERTISEMENTS: In every organisation there should be a provision in their constitution or by-laws or Articles of Association fixing the number which should constitute a quorum. The Annual General Meeting may be called with a shorter notice if it is agreed to by all the members entitled to vote in the meeting.