Page 1 of 16
AAcckknnoowwlleeddggmmeennttss
First of all thanks to ALLAH, Who is most beneficent & the most merciful,
whos...
Page 2 of 16
AAnn AAbbssttrraacctt
Meeting of the companies are of three kinds:
 Meetings of Members
 Meetings of Direct...
Page 3 of 16
creditors are invited to attend the meeting and can ask questions,
although they rarely attend.
TTaabbllee oo...
Page 4 of 16
IInnttrroodduuccttiioonn
Meaning:
• Meeting: Get together of individuals or persons with some plan is
known a...
Page 5 of 16
taken. The meetings are usually called by directors, but may also be called
by the shareholders. In case of d...
Page 6 of 16
This meeting must be held after 3 months, but before 6 months of
obtaining the certificate of commencement of...
Page 7 of 16
directors. After certification a copy is to be sent to the registrar and
the auditors. The Annual General Mee...
Page 8 of 16
The first annual general meeting must be held within 18 months from the
date of its incorporation. The next m...
Page 9 of 16
• Retirement and appointment of Directors.
Objective:
• To check Annual Accounts
• Declaration of Dividend
• ...
Page 10 of 16
The directors shall, on the requisition of members representing the one
tenth of the voting power on the dat...
Page 11 of 16
The directors will send a notice of the meeting to all the members of the
company at least 21 days before th...
Page 12 of 16
ii. Notice of meeting:
Proper notice of the meeting should be given to all the members and all
others who ar...
Page 13 of 16
The Proxy refers to a person who is authorized by a member of a
company to attend and vote at a meeting of t...
Page 14 of 16
debts to value of the three-fourth of the total value of the debts, the court
may sanction the scheme. A cer...
Page 15 of 16
fields of textile, cement, financial services, insurance, generation,
paper, hospitality industry, agricultu...
Page 16 of 16
Meetings of companies are very important for any huge multinational
company so that’s why Nishat Mills Limit...
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Meetings Of Company (Business & labor laws)

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Meetings Of Company (Business & labor laws)

  1. 1. Page 1 of 16 AAcckknnoowwlleeddggmmeennttss First of all thanks to ALLAH, Who is most beneficent & the most merciful, whose blessings are abundant & favors are unlimited. And who blessed me with the knowledge and wisdom & enabled me to overcome this task. I dedicate this report to my parents, because of their prayers and encouragement I have been able to complete this report. Heartiest gratitude to my parents without their continue encouragement and love I could not have accomplished this task. It’s my pleasure to acknowledge the guidance and support of my subject teacher Mr. “Shahid Jamal Butt” for his endless guidance. I would also like to acknowledge the “Nishat Mills Limited”.
  2. 2. Page 2 of 16 AAnn AAbbssttrraacctt Meeting of the companies are of three kinds:  Meetings of Members  Meetings of Directors  Meetings of Creditors Meetings of members are general meetings as they are attended by all the members. The management of the company is undertaken through meetings of the company’s shareholders where major decisions are to be taken. The meetings are usually called by directors, but may also be called by the shareholders. In case of default the Commission may call a meeting, either of its own accord or on the application of members. There are three types of meetings of members: the Statutory Meeting, the Annual General Meeting, And Extra Ordinary General Meeting. A Board of Directors generally must conduct a Board meeting to make company decisions,frame the general policy of the company, direct its affairs, appoints the company officers, ensures that they carry out their duties and recommend to the share holders regarding distribution of dividend. The Meeting where a bankruptcy trustee's studies the debtor's filing for bankruptcy and questions the debtor under oath. All of the debtor's
  3. 3. Page 3 of 16 creditors are invited to attend the meeting and can ask questions, although they rarely attend. TTaabbllee ooff CCoonntteenntt 1. Title Page. 2. Acknowledgement 3. An Abstract 4. Introduction to the topic a. Intro (continues) b. Kinds of meetings 5. Practical study 6. SWOT Analysis 7. Conclusion 8. References
  4. 4. Page 4 of 16 IInnttrroodduuccttiioonn Meaning: • Meeting: Get together of individuals or persons with some plan is known as meeting. • Business meeting: When two or more persons gathered as per given notice to discuss some business matters is known as business meetings. • Company meeting: When the members of a company gather at a certain time and place to discuss business affairs it is called company meeting. Meetings of Company: Meetings of the company are of three kinds: 1)Meetings of Members These meetings are general meetings as they are attended by all the members. The management of the company is undertaken through meetings of the company’s shareholders where major decisions are to be
  5. 5. Page 5 of 16 taken. The meetings are usually called by directors, but may also be called by the shareholders. In case of default the Commission may call a meeting, either of its own accord or on the application of members. Get together of individuals or persons with some plan is known as meeting. Types of meetings of the shareholders: The meetings of the shareholders are of three types:  The Statutory Meeting The statutory meeting is the first meeting of the members of the company after it commences business. It is held once in lifetime of the company. Section 157(1) states that “ every company limited by shares and every company limited by guarantee and having a share capital shall , within a period of not less than three months, 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’ ”. Sub section (12) states that this section shall not apply to a private company. Thus the following companies are required to hold the statutory meeting: Every public company limited by shares. Every company limited by guarantee and having a share capital. Occasion:
  6. 6. Page 6 of 16 This meeting must be held after 3 months, but before 6 months of obtaining the certificate of commencement of business. Notice of Meeting: The directors will send a notice of the meeting to all the members of the company at least 21 days before the meeting. And also send a copy of statutory report to the shareholders and ROC. Objectives: • To win Confidence • To Provide Latest Information • To Discuss Future Plans • To Discuss Statutory Report  Total number of shares issued Total receipts and total payments  Cash received against shares allotted  Details of the shares allotted Requirements of Statutory Meeting: Following are the requirements of statutory meeting: • It is to be held within a period of three to six months after the commencement of business. • Twenty one days before the date on which the meeting is held, the director shall forward a report, “the Statutory Report” to every member. The report is to be certified by the CEO and two other
  7. 7. Page 7 of 16 directors. After certification a copy is to be sent to the registrar and the auditors. The Annual General Meeting, Extra Ordinary General Meeting The Statutory report includes the following: • List of Members • Shares allotted and the amount received from them • Particulars of the directors, managers and secretary • Particulars of contracts that have to be approved • The detail of company’s affairs along with fees and brokerage paid. The members present at meeting are at liberty to disclose any matter relating to the formation of the company.  Annual General Meeting (AGM) The Annual General Meeting (AGM) is a required meeting under the ordinance. It is an annual meeting through which the shareholders control the affairs of the company. They may raise questions about the affairs of the company including its accounts. It is, therefore, the annual general meeting of the company that protects the interest of the shareholders. “Every public company will hold Annual General Meeting of its members every year. This meeting is to be call and held by the directors of the company “. Occasion:
  8. 8. Page 8 of 16 The first annual general meeting must be held within 18 months from the date of its incorporation. The next meeting must be held once in every calendar year within 4 months after closing of its financial year. The interval between the two meetings must not exceed than 15 months. Notice of the Meeting: The directors will send a notice of the meeting to all the members of the company at least 21 days before the meeting. It should also be published in newspaper. Requirements of AGM: It must be held every year. The first AGM is to be held within eighteen months of incorporation. Every subsequent (coming) AGM is to be held within four months of the closing of the company’s annual financial year. Notice of the date of the meeting is to be send twenty one days before such date to the shareholders whereas in case of a listed company the notice is also required to be published in the newspaper. In case of default in complying with any of these requirements all officers party to such default shall be held liable. The gap between two AGMs should not be more than fifteen months. Agenda of AGM: In this meeting the following matters are usually considered. • Annual accounts of the company • Declaration of dividend • Retirement and appointment of auditors
  9. 9. Page 9 of 16 • Retirement and appointment of Directors. Objective: • To check Annual Accounts • Declaration of Dividend • Election of Directors • Appointment of Auditor  Extra Ordinary General Meeting “All general meetings other than annual general meeting and statutory meeting are known as Extra-Ordinary General Meetings. This meeting is held on the special occasions or you can say in the emergency situations when directors think that it necessary “. For example; at the plan of merger etc According to section 159 All general meetings of a company, other than AGM and the statutory meeting are called Extra Ordinary General Meeting. Such meetings are called to deal with some urgent special business that can not be postponed till the AGM. These meetings are called by two ways: i) Calling of Extra Ordinary General Meeting by Directors. The directors may at any time call the Extra Ordinary General Meeting of the company to consider any matter which requires the approval of the company in general meeting. ii)Calling of Extra Ordinary General Meeting on the Requisition of Members.
  10. 10. Page 10 of 16 The directors shall, on the requisition of members representing the one tenth of the voting power on the date of deposit of requisition, forthwith to proceed to call an extra ordinary general meeting.  Requirements of Calling Extra Ordinary General Meeting on the Requisition of Members. i) The requisition shall state the objects of the meeting. ii) It will be signed by the requisitionists. iii)The requisition will be deposited at the registered office of the company. iv)If the directors do not proceed within the twenty-one days from the date of the requisition being so deposited to call a meeting, the requisitionists may themselves call the meeting. v) The meeting so called shall be held within three months from the date of depositing such requisition. vi)The meeting will be called in the same manner as the meetings are called by directors. iii) Notice of an Extra Ordinary General Meeting: The notice of an Extra Ordinary General Meeting shall be send to the members at least twenty one days before the date of the meeting and in case of a listed company it shall also be published in a newspaper. A shorter notice period will require approval of the registrar. Occasion: This meeting is held on the special occasion and in the emergency situation. Notice of the Meeting:
  11. 11. Page 11 of 16 The directors will send a notice of the meeting to all the members of the company at least 21 days before the meeting. 2) Meetings of Directors A Board of Directors generally must conduct a Board meeting to make company decisions,frame the general policy of the company, direct its affairs, appoints the company officers, ensures that they carry out their duties and recommend to the share holders regarding distribution of dividend. A quorum represents the minimum amount of directors is 2 directors. There are also essentially 2 types of directors’ meetings:  Special: A special meeting is one called by a majority of the director for a particular purpose or purposes.  Scheduled: A scheduled meeting is generally set forth in the corporation’s Bylaws or Articles of Incorporation. Advisory boards merely act as advisors for the Board of Directors. It is therefore the Board of Directors that holds responsibility for the overall success and failure of the corporation. Requisites of a valid meeting: i. Proper Authority: The proper authority to convene a general meeting of a company is the Board of Directors. The Board should pass a resolution to call the general meeting. If the directors do not call the meeting, the member or the Company Law Board may call the meeting.
  12. 12. Page 12 of 16 ii. Notice of meeting: Proper notice of the meeting should be given to all the members and all others who are entitled to attend the meeting. A general meeting may be called by giving a notice of less than 21 days. If the notice of a meeting is not given to every person entitled to receive notice, then any resolution passed at the meeting will of no effect but accidental omission may be valid. iii. Quorum for meeting: Quorum means the minimum number of members who must be present to constitute a valid meeting. The quorum is generally fixed by the Articles. 5 members personally present in the case of Public Company and 2 in the case of any other company. iv. Chairman of meeting: A chairman is necessary to conduct a meeting. He is the presiding officer of the meeting. Unless the Articles of a company otherwise provide, the members personally present at the meeting shall elect one of themselves to be the chairman of the meeting on a show of hands. v. Minutes of meeting: Minutes are a record of what the company and directors do in meetings. The book in which the record of the proceedings of a meeting is kept is known as the minute book. Separate minute books are required to be kept. Each page of the minute book which records proceedings of a Board meeting shall be initialed or signed by the chairman of the same meeting or the next succeeding meeting.
  13. 13. Page 13 of 16 The Proxy refers to a person who is authorized by a member of a company to attend and vote at a meeting of the co on his behalf. Resolution: i. Ordinary resolution: Company Act, an ordinary resolution is one which is passed by a simple majority of votes of members present in person or by proxy at a properly constituted & convened general meeting. ii. Special resolution: Company Act, a special Resolution is one which is passed by at least 3/4th majority of votes of members present in person or proxy at a properly constituted & convened G.M. 3) Meetings of creditors The Meeting where a bankruptcy trustee's studies the debtor's filing for bankruptcy and questions the debtor under oath. All of the debtor's creditors are invited to attend the meeting and can ask questions, although they rarely attend. Sometimes, a company, either as a running concern or in the event of winding up, has to make certain arrangements with its creditors. Meetings of creditors may be called for this purpose. Under section 393, A company may enter into arrangements with creditors with the sanction of the Court for reconstruction or any arrangement with its creditors. The court, on application, may order the holding of a creditor’s meeting. If the scheme of arrangement is agreed to by majority in number of holding
  14. 14. Page 14 of 16 debts to value of the three-fourth of the total value of the debts, the court may sanction the scheme. A certified copy of the court's order is then filed with the Registrar and it is binding on all the creditors and the company only after it is filed with Registrar. Similarly, in case of winding up of a company, a meeting of creditors and of contributories is held to ascertain the total amount due by the company and also to appoint a liquidator to wind up the affairs of the company. PPrraaccttiiccaall SSttuuddyy Nishat Mills Limited is the flagship company of Nishat Group. It was established in 1951 by Mian Muhammad Mansha. It is one of the most modern, largest vertically integrated textile companies in Pakistan. Nishat Mills Limited has 198,120 spindles, 655 Toyota air jet looms. The Company also has the most modern textile dyeing and processing units, 2 stitching units for home textile, one stitching unit for garments and Power Generation facilities with a capacity of 89 MW. The Company’s total export for the year 2011 was Rs. 36.015 billion (US$ 416 million). Due to the application of prudent management policies, consolidation of operations, a strong balance sheet and an effective marketing strategy, the growth trend is expected to continue in the years to come. The Company's production facilities comprise of spinning, weaving, processing, stitching and power generation. The company comprises numerous subsidiaries and affiliated businesses have in the
  15. 15. Page 15 of 16 fields of textile, cement, financial services, insurance, generation, paper, hospitality industry, agriculture, Dairy industry and aviation. With 30,000 employees the group is the third largest employer in Pakistan after the government and the army. The company has total capitalization of nearly US$10 Billion. Its motto is 'We stopped saying customers and started saying clients'. SSWWOOTT AAnnaallyyssiiss Strength:  By leading gatherings it permits them to see the advancement of what they are doing or what are others are doing regarding regular work or tasks. Threats:  Contenders are the greatest risk to Nishat Mills Limited. CCoonncclluussiioonn By keenly analyzing the marketing of Nishat Mills Limited, I agree that Nishat Mills Limited is the safe player in the market. It is penetrating its market by taking risk and aggressively promoting and advertising itself.
  16. 16. Page 16 of 16 Meetings of companies are very important for any huge multinational company so that’s why Nishat Mills Limited is progressing Day by day. RReeffeerreenncceess  anisulhaq.weebly.com/company-meetings--kinds-of- meetings.html  en.wikipedia.org/wiki/Nishat_Group  www.legalserviceindia.com/company%20law/com_4.htm  www.slideshare.net/ukmaggy/meetings-of- company?from_search=3  www.slideshare.net/nikenhuidrom9/meetin?from_search=2  www.nishatmillsltd.com/nishat/company-profile.htm  Read more: http://www.ehow.com/how_5954854_conclude- business-meeting.html#ixzz30vEUk6nz

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