Meetings of CoMpany  By: Umair Gurmani
Meetings of Company:• Meetings of the company are of three  kinds:• 1. Meetings of Members• 2. Meetings of Directors• 3. M...
Meetings of Members• These meetings are general meetings as they are  attended by all the members.• The management of the ...
Meetings of Members•   Types of meetings of the shareholders:•    The meetings of the shareholders are of    three types:1...
Meetings of Members1. The Statutory Meeting:• The statutory meeting is the first meeting of the   members of the company a...
The Statutory Meeting:• Subsection (12) states that this section shall  not apply to a private company.• Thus the followin...
The Statutory Meeting:• Requirements of Statutory Meeting:  Following are the requirements of statutory meeting:• It is to...
The Statutory Meeting•   The Statutory report includes the following:    −   List of Members    −   Shares allotted and th...
2.   Annual General Meeting (AGM)• The Annual General Meeting (AGM) is a  required meeting under the ordinance. It is an  ...
2.      Annual General Meeting (AGM)•      Requirements of AGM:     Following are the requirements of AGM:i.     It must b...
2.    Annual General Meeting (AGM)iv. Notice of the date of the meeting is to be send    twenty one days before such date ...
2.   Annual General Meeting (AGM)• Agenda of AGM:• In this meeting the following matters are  usually considered.• Annual ...
3. Extra Ordinary General Meeting•   According to section 159 all general meetings of a    company , other than AGM and th...
3. Extra Ordinary General Meetingi.  Calling of Extra Ordinary General Meeting by    Directors:• The directors may at any ...
3. Extra Ordinary General Meeting•    Requirements of Calling           Extra Ordinary     General Meeting on the Requisit...
3. Extra Ordinary General Meetingiv. If the directors do not proceed within the twenty-    one days from the date of the r...
3. Extra Ordinary General Meeting• Notice of an Extra Ordinary General  Meeting:• The notice of an Extra Ordinary General ...
Meetings of company
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  1. 1. Meetings of CoMpany By: Umair Gurmani
  2. 2. Meetings of Company:• Meetings of the company are of three kinds:• 1. Meetings of Members• 2. Meetings of Directors• 3. Meetings of creditors
  3. 3. 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 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.
  4. 4. Meetings of Members• Types of meetings of the shareholders:• The meetings of the shareholders are of three types:1. The Statutory Meeting2. The Annual General Meeting3. Extra Ordinary General Meeting
  5. 5. Meetings of Members1. 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’”.
  6. 6. The Statutory Meeting:• Subsection (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.
  7. 7. The Statutory Meeting:• 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 directors. After certification a copy is to be sent to the registrar and the auditors.
  8. 8. The Statutory 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.
  9. 9. 2. 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
  10. 10. 2. Annual General Meeting (AGM)• Requirements of AGM: Following are the requirements of AGM:i. It must be held every year.ii. The first AGM is to be held within eighteen months of incorporation.iii. Every subsequent(coming) AGM is to be held within four months of the closing of
  11. 11. 2. Annual General Meeting (AGM)iv. 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.v. In case of default in complying with any of these requirements all officers party to such default shall be held liable.vi. The gap between two AGMs should not be more than fifteen months.
  12. 12. 2. Annual General Meeting (AGM)• 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• retirement and appointment of Directors
  13. 13. 3. Extra Ordinary General Meeting• 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.ii. Calling of Extra Ordinary General Meeting on the Requisition of Members.
  14. 14. 3. Extra Ordinary General Meetingi. 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.• 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.
  15. 15. 3. Extra Ordinary General Meeting• Requirements of Calling Extra Ordinary General Meeting on the Requisition of Members.• Requirements of Calling Extra Ordinary General Meeting on the Requisition of Members are following: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.
  16. 16. 3. Extra Ordinary General Meetingiv. 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.
  17. 17. 3. Extra Ordinary General Meeting• 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
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