An extraordinary general meeting (EGM) is a meeting other than the annual general meeting that is usually called to deal with urgent matters. An EGM can be convened by the board of directors, directors on requisition by shareholders holding at least 10% of shares, the requisitionists themselves if the board fails to call a meeting within 45 days, or the tribunal if deemed impracticable to hold a meeting otherwise. The board must give at least 21 days notice for an EGM unless 95% of shareholders consent to shorter notice. If requisitioned, the board must call an EGM within 45 days and it must be held within 3 months.
covered all types of companies meeting plus essentials to make the meeting a valid meetings, cases related to the meetings, powers of board & tribunal to call the meetings
MEANING AND DEFINITION OF COMPANY, IT'S CHARACTERISTICS AND TYPES OF COMPANYKhushiGoyal20
This slide share is of subject company law . In this you will learn about meaning and definition of company , types / kinds of company (private , public , holding , subsidiary , limited liability and unlimited liability company etc.) , and its characteristics.
OBJECTIVE
Liquidator is a person appointed by a Company or a Competent authority to manage the activities of winding up of the Company. Provisions pertaining to appointment of liquidator are stipulated under Chapter XX of Companies Act, 2013. The webinar covers the aspects of appointment of liquidator, types of liquidators, powers and duties of liquidator and judicial precedents.
covered all types of companies meeting plus essentials to make the meeting a valid meetings, cases related to the meetings, powers of board & tribunal to call the meetings
MEANING AND DEFINITION OF COMPANY, IT'S CHARACTERISTICS AND TYPES OF COMPANYKhushiGoyal20
This slide share is of subject company law . In this you will learn about meaning and definition of company , types / kinds of company (private , public , holding , subsidiary , limited liability and unlimited liability company etc.) , and its characteristics.
OBJECTIVE
Liquidator is a person appointed by a Company or a Competent authority to manage the activities of winding up of the Company. Provisions pertaining to appointment of liquidator are stipulated under Chapter XX of Companies Act, 2013. The webinar covers the aspects of appointment of liquidator, types of liquidators, powers and duties of liquidator and judicial precedents.
Department of Management- Kinds of company meetings
Meeting of Members
Meeting of Directors
Meeting of Contributors
Annual General Meeting
Importance of AGM
Provisions Regarding AGM
Power of Tribunal to call an AGM
BOARD OF DIRECTORS
Requisitionists themselves
The Tribunal section
In the context of a company, the word ‘meeting’ implies
The coming together of a certain number of members;
For transacting the business in the agenda;
For which a previous notice has been issued.
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2. What is EGM ?
An Extraordinary General Meeting (EGM) is a meeting other than the Annual
General meeting between a company’s shareholders , executives and any other
members . An EGM is usually called on short notice with urgent matter .
Regulation 42 of table F provides that all general meeting , other than annual
general meeting shall be called extraordinary general meetings.
An extraordinary general meeting is normally convened to deal with a matter
which cannot be postponed till the holding of next AGM . For example ,
alteration of the objects of the company , change of registered office or removal
of a director or auditor .
3. Who can convene an EGM ?
Section 100 provides that an EGM may be convened or called by :
• The board of directors on its accord ;
• Directors on Requisition
• The requisitionists themselves
• The tribunal
4. (a) The Board of Directors
• Section 100 (1) provides that directors collectively as a board , can call an
EGM , by passing an ordinary resolution at a board of directors meeting ,
which is duly convened and properly constituted
• The board of directors must give a clear 21 days notice before holding an
EGM . A shorter notice however may be valid , if 95 per cent or more of the
member entitled to vote, give their consent in writing or by electronic mode
5. (b) Directors on requisition
As per section 100(2) of the company Act the board of directors must convene
an EGM upon receiving a written request or requisition from :
1. Members holding 10 per cent or more of the paid-up share capital that
carries the right to vote in case of a company having share capital
2. Member holding 10 per cent or more of the voting power of the company , if
the company does not have share capital
• As per rule 17(1)of company (management and administration) rules 2014
the requisition must be given to the company a clear 21 days prior to the
proposed date of such extraordinary meeting either in writing or through
electronic mean
• It should be signed by all the requisitionists or anyone behalf in writing , it
must be sent to the registered office of the company
6. • Requisition must clearly state the purpose of the meeting . Must clearly set
out the matters which need consideration [Section 100
• On receiving the requisition move to convene or call a meeting . Atleast 21
days notice must be given before holding a meeting . Thus extraordinary
general meeting must held within 45 days of the receipt of the
requisition[Section 100(4)]
7. (c)The requisitionists themselves
• Section 100(4) provides that if the Board of Directors fails to call an extra
ordinary general meeting within 45 days of deposit of a valid requisition ,
then the meeting may be called by the requisitionists themselves
• The extra ordinary general meeting called by the requisitionists must be held
within 3 months of date of deposit of the requisition . As per rule 17(2) of
company (management and administration) Rules 2014, the requistionists
should convence the meeting at the registered office or in the same city/town
where the registered office is situated
• Directors must provide all assistance to the requisitionists in holding a
general body meeting . However the registered office is not made available to
the requisitionists to hold the meeting , they may hold the meeting elsewhere
• If in a requisitioned meeting there is no quorum present within half an hour
of the time fixed for the meeting , then as per Section 103 , the meeting stands
dissolved.
• The company is bond to repay all reasonable expenses incurred by the
requisitionists in calling a meeting .
8. (d)The Tribunal
The Section 98 provides that if for any reason , it is impracticable for company
to call a meeting of the company , other than an annual general meeting ,
according to the provisions of articles or the companies Act , then the Tribunal
may either:
i. On its own motion (suo-moto)
ii. On an application of any director of company
iii. On an application of any member of the company who would be entitled to
vote at the meeting
a) Order a meeting of the company to be called ,held and conducted in any
manner as it deems fit
b) Gives such ancillary or consequential directions which it thinks expedient ,
including directions to modify the provisions of the companies Act and of
the articles of the company related to calling ,holding and conducting of a
meeting . It can also direct that one member present in person or by proxy
shall be deemed to constitute a meeting
9. • The Tribunal has been vested with the powers to call an EGM only if it is
impracticable needs to be interpreted
• Where shareholders are themselves in a position to requisition an extra
ordinary general meeting , but without availing themselves of that procedure
, apply to the Tribunal, it should not make the order
• The Tribunal should not call an extra ordinary general meeting , if there is
aboard of director who can call a meeting.
• The Tribunal should use the powers granted under Section 98 sparingly and
with caution , so that it does not become either a shareholder or a director
trying to participate in the internal squabbles of the rival groups
• Section 99 provides that if the provisions of Section 98 are not complied with
, then the company and every officer in default shall be liable to be fined
upto rs. 1 lakh and in case of a continuing default with a further fine of rs.
5000 per day of default .