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  2. 2. COMPANY MEETINGS <ul><li>“ Any gathering, assembly or coming together of two or more persons for the transaction of some lawful business of common concern is called meeting.” </li></ul><ul><li>“ A concurrence or coming together of at least a quorum* of members by previous notice or mutual agreement for transacting business for a common interest is a meeting.” </li></ul><ul><li>* Quorum= Min. no. of persons required to personally present for a valid meeting </li></ul>
  3. 3. Characteristics of meeting : <ul><li>Two or more persons required (except if otherwise provided) </li></ul><ul><li>For some lawful business </li></ul><ul><li>Notice pre-requisition for intimation </li></ul><ul><li>Specified date, place and time </li></ul><ul><li>Company’s meetings governed by provisions of co’s act, 1956 </li></ul>
  4. 4. Definition <ul><li>Definition: when two or more than two persons come together to discuss matters of common interest, there is said to be a meeting. </li></ul>
  5. 5. Statutory Meeting Annual general meeting Extra ordinary meeting Kinds of meetings Meeting of members Meeting of directors Meeting of the creditors General meeting Class meeting Board meetings Committee meeting Creditors Debentures holders
  6. 6. BOARD OF DIRECTORS MEETING <ul><li>Except for the issues on which the decision-making right rests with the shareholders, all matters of the co. are dealt with in the meetings of its Board of Directors </li></ul><ul><li>Meetings of directors classified as: </li></ul><ul><li>Meetings of BODs’ </li></ul><ul><li>Meetings of Directors’ committees </li></ul>
  7. 7. CREDITORS MEETINGS <ul><li>A creditors meeting, is in fact not a co’s meeting because such a meeting is organized by creditors </li></ul><ul><li>Called to settle the suit between the Creditors and co. </li></ul><ul><li>To get the creditors consent in Amalgamation and reorganisation of the co. </li></ul><ul><li>To get creditors consent at the time of Amalgamation of the co. </li></ul>
  8. 8. DEBENTURE HOLDERS MEETING <ul><li>Rules regarding conduct printed on reverse of the debenture certificates </li></ul><ul><li>Called for alteration of the repayment schedule </li></ul><ul><li>Also called when the rights of the debenture-holders altered </li></ul>
  9. 9. STATUTORY MEETING <ul><li>According to Section 165 of Co’ s act 1956 “ Every co limited by shares and every co, limited by guarantee and having share capital, shall, within a period of not less than one month and not more than six moths from the date at which the co. is entitled to commence business, hold a general meeting of the members of the , company, which shall be called the statutory meeting.” </li></ul><ul><li>To discuss the success of the flotation and </li></ul><ul><li>To approve any modification in the contracts specified in the prospectus, if need arises. </li></ul>OBJECT OF STATUTORY MEETINGS
  10. 10. ANNUAL GENERAL MEETING <ul><li>Meaning : “Every co. must hold in each year, in addition to any other meetings, a general meeting of its members, which is called the co’s AGM” </li></ul><ul><li>Who can call AGM: </li></ul><ul><li>In normal case, by company </li></ul><ul><li>In special circumstances, by Central government </li></ul>
  11. 11. Features of AGM <ul><li>Mandatory for both private and public co. </li></ul><ul><li>At least once in a year </li></ul><ul><li>To appraise financial performance and position </li></ul><ul><li>Declaration of dividend </li></ul><ul><li>To present Director’s and Auditor’s report </li></ul><ul><li>Its Purpose </li></ul><ul><li>General Business (Final accounts , dividend , appoint the directors in place of retiring by rotation ) </li></ul><ul><li>Special Business (Increasing the co’s authorized share capital) </li></ul>
  12. 12. Provision or rules for holding AGM <ul><li>First annual general meeting ( must be held in within days ) . </li></ul><ul><li>Subsequent annual general meeting ( the gap b/w 1 annual general meeting & next should not be more than 15 months). </li></ul><ul><li>Notice ( co. must give at least 21 days notice for convening any GM ) . </li></ul><ul><li>Date , time , place( not public holiday , at registered office ) . </li></ul><ul><li>Postponement </li></ul>
  13. 13. EXTRA ORDINARY GENERAL MEETING <ul><li>Meaning: all general meeting other than statutory meeting and AGM are called extraordinary meeting. All general meeting other than annual general meeting shall be called extraordinary general meeting. </li></ul>
  14. 14. Rules for holding extra-ordinary general meeting. <ul><li>Who can convene? </li></ul><ul><li>The board of directors. </li></ul><ul><li>The directors on requisition. </li></ul><ul><li>Company law tribunal. </li></ul><ul><li>Requisitionists. </li></ul>
  15. 15. CLASS MEETINGS <ul><li>When the co. having different classes of shares .To alter or define the rights and obligations of class of shareholders e.g. conversion of preference into equity. </li></ul><ul><li>Passed by special resolution. </li></ul>
  16. 16. Requisites of valid meeting <ul><li>The meeting must be duly convened by a proper authority . </li></ul><ul><li>Notice must be served in the prescribed manner to all the persons . </li></ul><ul><li>A quorum must be present </li></ul><ul><li>A chairman must be preside </li></ul><ul><li>Minutes of the proceedings of the meeting shall be kept. </li></ul>