Company meetings and proceedings. Company Law 2022-10-14
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Meetings of the Shareholders. If the meeting has no definite object or summoned without any predetermined object, it is not a valid meeting. And then the Tribunal can give any ancillary or consequential directions which it thinks expedient in relation to the calling and conducting of the meeting and a meeting held in pursuance of this order will be deemed an Annual General Meeting of the company. Meeting of the Company: The powers developing upon the board of Directors and also of the members are exercised through the medium of meetings. There are three types of meetings which can be called to be the meetings of the shareholders.
Meetings and Proceedings at the childhealthpolicy.vumc.org
These are the most important as well as the most frequently held meetings of the company. Extra-ordinary General Meetings EOGM Statutory Meeting and Annual General Meetings are called the ordinary meetings of a company. The Chairman usually introduces the report. Some meetings are those which are carried on by the shareholders of the company and especially those meetings where the major decisions are to be taken such meetings are always attended by shareholders of that company. Extraordinary Meeting: The Directors may call an extraordinary general meeting, wherever they consider it desirable. A meeting therefore, can be defined as a lawful association, or assembly of two or more persons by previous notice for transacting some business.
Procedure of the Meetings and Proceedings of the Company
An unlawful assembly shall not be a meeting in the eye of law. Time and place of meeting 21 days notice Extraordinary meetingsA meeting for transacting some urgent or special business which cannot be postponed till the next AGM. La Trinidadthe court held that by reason of irregularity of the board meeting the general meeting was not incapacitated from acting and the court does not have power to give directions for the conduct of a meeting already called by the directors. He then moves the adoption of the report and is seconded by one of the Directors present. Lawful Assembly: The gathering must be for conducting a lawful business.
The management of the company has undertaken through the meetings which are held at the company. These meetings are called generally by the board of directors but sometimes shareholders may also call the meetings. However, the articles of association may provide for a larger number of persons to constitute a valid quorum. Such a meeting must be held within a period of not less than one month or within a period not more than six months from the date on which it is entitled to commence business Statutory report The report forwarded to every member of the company by the board of members at least 21 days before the actual date of the meeting. Such gatherings of the members of companies are known as Essentials of Company Meetings The essential requirements of a company meeting can be summed up as follows: 1.
Under certain conditions, commission has also got the power to call the meetings on its own motion or on the application of members of the company. If the Directors do not proceed within twenty-one days from the date of the requisition being so deposited to cause a meeting to be called, the requisitionists or a majority of them in value may themselves call a meeting within three months of the date of the deposit of the requisition. The Companies Act therefore gives wide discretion to the directors to frame rules and regulations regarding the holding and conduct of Board meetings. Statutory Meeting: Every company limited by shares and every company limited by guarantee and having a share capital within a period of not less than one month nor more than six months from the date at which the company is entitled to commence business, hold a general meeting of the members of the company, which shall be called the statutory meeting. WHAT WILL HAPPEN IF A COMPANY FAILS TO HOLD THE ANNUAL GENERAL MEETING? The report is then open to the meeting for discussion and every member present has right to offer his remarks and criticism on it.
It is usually held once in a year. If at this meeting any resolution is passed which requires confirmation at another meeting, the Directors shall forthwith call a further extraordinary general meeting for the purpose of considering the resolution and, if they fail to do so within seven days from the date of passing of the first resolution the requisitionists may themselves call the meeting. EOGMs are generally called for transacting some urgent or special business, which cannot be postponed till the next Annual General Meeting. Companies like individuals may sometimes find it necessary to compromise or make some arrangements with their creditors, In these circumstances, a meeting of the creditors is necessary. For example, for cancelling the arrears of dividends on cumulative preference shares, it is necessary to call for a meeting of such shareholders and pass a resolution as required by Companies Act.
It might be a company limited by share or a company limited by guarantee with a share capital. At the general meeting the report of the company's affairs and the Final Accounts and Balance Sheet duly certified is generally to be laid down before the meeting. The directors of most companies frame rules concerning how, where and when they shall meet and how their meetings would be regulated. Meetings of Debenture Holders The debenture holders of a particular class conduct these meeting. Companies Act provides that every public company limited by shares or limited by guarantee and having a share capital should hold a meeting of the shareholders within 6 months but not earlier than one month from the date of commencement of business of the company.
Madras Race Clubin this case all the cases were discussed and a meeting was held invalid because the board which resolved to call it was not properly present. There might be some other kinds of meetings where a particular class of members would hold a certain meeting. In this document, we are mainly concerned with the general meetings. For example if the meeting of the board at which it is resolved to call a General Meeting is not properly constituted then it will not render the General Meeting invalid. Secondly, The failure to call this meeting either generally or in pursuance of the order of the Tribunal is an offence punishable with fine the penalty is imposed upon the company as well as every officer who is in default. Requisites of a valid meeting are….