This document discusses different types of company meetings under corporate and commercial law. It defines meetings and describes company meetings as gatherings of members to discuss business affairs. There are three main types of company meetings: directors' meetings, annual general meetings (AGM), and extraordinary general meetings (EGM). Directors' meetings are for tasks like allocating shares and declaring dividends. AGMs must be held yearly to discuss routine business, while EGMs can be called as needed to address special matters. The document outlines procedural requirements for statutory meetings, AGMs, and EGMs like notice periods, agenda items, and penalties for non-compliance.
Kinds of Company Meetings and Procedure- Corporate lawSparshAgarwal39
The PPT contains all the relevant information regarding the topic "Kinds of Company Meetings and Procedure" under the subject of Company/Corporate Law.
I hope this PPT will help you :)
Kinds of Company Meetings and Procedure- Corporate lawSparshAgarwal39
The PPT contains all the relevant information regarding the topic "Kinds of Company Meetings and Procedure" under the subject of Company/Corporate Law.
I hope this PPT will help you :)
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.
WINDING UP of COMPANY, Modes of DissolutionKHURRAMWALI
Winding up, also known as liquidation, refers to the legal and financial process of dissolving a company. It involves ceasing operations, selling assets, settling debts, and ultimately removing the company from the official business registry.
Here's a breakdown of the key aspects of winding up:
Reasons for Winding Up:
Insolvency: This is the most common reason, where the company cannot pay its debts. Creditors may initiate a compulsory winding up to recover their dues.
Voluntary Closure: The owners may decide to close the company due to reasons like reaching business goals, facing losses, or merging with another company.
Deadlock: If shareholders or directors cannot agree on how to run the company, a court may order a winding up.
Types of Winding Up:
Voluntary Winding Up: This is initiated by the company's shareholders through a resolution passed by a majority vote. There are two main types:
Members' Voluntary Winding Up: The company is solvent (has enough assets to pay off its debts) and shareholders will receive any remaining assets after debts are settled.
Creditors' Voluntary Winding Up: The company is insolvent and creditors will be prioritized in receiving payment from the sale of assets.
Compulsory Winding Up: This is initiated by a court order, typically at the request of creditors, government agencies, or even by the company itself if it's insolvent.
Process of Winding Up:
Appointment of Liquidator: A qualified professional is appointed to oversee the winding-up process. They are responsible for selling assets, paying off debts, and distributing any remaining funds.
Cease Trading: The company stops its regular business operations.
Notification of Creditors: Creditors are informed about the winding up and invited to submit their claims.
Sale of Assets: The company's assets are sold to generate cash to pay off creditors.
Payment of Debts: Creditors are paid according to a set order of priority, with secured creditors receiving payment before unsecured creditors.
Distribution to Shareholders: If there are any remaining funds after all debts are settled, they are distributed to shareholders according to their ownership stake.
Dissolution: Once all claims are settled and distributions made, the company is officially dissolved and removed from the business register.
Impact of Winding Up:
Employees: Employees will likely lose their jobs during the winding-up process.
Creditors: Creditors may not recover their debts in full, especially if the company is insolvent.
Shareholders: Shareholders may not receive any payout if the company's debts exceed its assets.
Winding up is a complex legal and financial process that can have significant consequences for all parties involved. It's important to seek professional legal and financial advice when considering winding up a company.
RIGHTS OF VICTIM EDITED PRESENTATION(SAIF JAVED).pptxOmGod1
Victims of crime have a range of rights designed to ensure their protection, support, and participation in the justice system. These rights include the right to be treated with dignity and respect, the right to be informed about the progress of their case, and the right to be heard during legal proceedings. Victims are entitled to protection from intimidation and harm, access to support services such as counseling and medical care, and the right to restitution from the offender. Additionally, many jurisdictions provide victims with the right to participate in parole hearings and the right to privacy to protect their personal information from public disclosure. These rights aim to acknowledge the impact of crime on victims and to provide them with the necessary resources and involvement in the judicial process.
PRECEDENT AS A SOURCE OF LAW (SAIF JAVED).pptxOmGod1
Precedent, or stare decisis, is a cornerstone of common law systems where past judicial decisions guide future cases, ensuring consistency and predictability in the legal system. Binding precedents from higher courts must be followed by lower courts, while persuasive precedents may influence but are not obligatory. This principle promotes fairness and efficiency, allowing for the evolution of the law as higher courts can overrule outdated decisions. Despite criticisms of rigidity and complexity, precedent ensures similar cases are treated alike, balancing stability with flexibility in judicial decision-making.
Introducing New Government Regulation on Toll Road.pdfAHRP Law Firm
For nearly two decades, Government Regulation Number 15 of 2005 on Toll Roads ("GR No. 15/2005") has served as the cornerstone of toll road legislation. However, with the emergence of various new developments and legal requirements, the Government has enacted Government Regulation Number 23 of 2024 on Toll Roads to replace GR No. 15/2005. This new regulation introduces several provisions impacting toll business entities and toll road users. Find out more out insights about this topic in our Legal Brief publication.
Responsibilities of the office bearers while registering multi-state cooperat...Finlaw Consultancy Pvt Ltd
Introduction-
The process of register multi-state cooperative society in India is governed by the Multi-State Co-operative Societies Act, 2002. This process requires the office bearers to undertake several crucial responsibilities to ensure compliance with legal and regulatory frameworks. The key office bearers typically include the President, Secretary, and Treasurer, along with other elected members of the managing committee. Their responsibilities encompass administrative, legal, and financial duties essential for the successful registration and operation of the society.
ASHWINI KUMAR UPADHYAY v/s Union of India.pptxshweeta209
transfer of the P.I.L filed by lawyer Ashwini Kumar Upadhyay in Delhi High Court to Supreme Court.
on the issue of UNIFORM MARRIAGE AGE of men and women.
2. MEETINGS:
DEFINITION:
‘Meetings can be defined as the gathering of two or more persons
by previous notice or by mutual agreement for the discussion and
transaction of some business. ’
COMPANY’S MEETINGS:
‘When the members of a company gather at certain time and
place
to discuss the business and managing affairs , it is called
meetings
of the company .’
3. KINDS OF COMPANY’S MEETING:
(1) DIRECTOR’S MEETING
(2) SHAREHOLDER’S MEETING
(2) SHAREHOLDER’S MEETING
(a) STATUTORY MEETING
(b) ANNUAL GENERAL MEETING (AGM)
(c) EXTRA -ORDINARY GENERAL MEETING (EGM)
4. (1) DIRECTOR’S MEETING:
OBJECTS:
1. To Allot Shares
2. To Invest Company’s Fund
3. To Recommend dividend
4. To keep Reserves out of Profit
5. To make loans
6. To appoint officers or committee.
6. (A) STATUTORY MEETING:
• Statutory meeting is the First meeting of the company’s
shareholders.
• The object of the statutory is to inform the shareholders about
the affairs of the company.
• The rules and regulation regarding statutory meeting are available in
section 157 of Companies Ordinance 1984.
• Every company limited by shares must hold a statutory meeting within
a period of not less than three months and not more than six months
from the date at which the company is entitled to commence business.
• At least 21 days before , a notice is issued by the secretary of company
to all shareholders and a report is also enclosed with the notice , which
is called Statutory Report.
• The auditors of company must sign the statutory report .
7. TIME TO CONDUCT THE MEETING:
I. Company limited by shares and company limited by guarantee
and having a share capital , within a period of not less than three
months , nor more than six months .
II. It hold a general meeting of the members of the company which
is called the ‘statutory meeting .’
III. This meeting is held only once in lifetime of the company.
8. STATUTORY REPORT
According to section 153(3) of the Ordinance , a statutory report
provides the following information :
1. The directors shall at least twenty one days before the date on
which meeting is to be held forward a statutory report to every
member of the company .
2. Total number of allotted shares
3. Total amount of cash received in respect of the allotted shares.
4. Details of expenses of the Company
5. The names and addresses of the Directors , Chief Executives , Secretary
, Auditors and legal adviser of the company.
6. Particulars of any contract regarding business.
9. NON – APPLICABILITY:
Private company is not required to conduct Statutory Meeting.
OBJECTS:
1. The detail about the formation of company
2. To provide exact information regarding the affairs of
company.
3. To discuss the statutory report .
10. SUBMISSIONS OF COPIES STATUTORY REPORT
TO REGISTRAR:
The director shall cause at least five copies of the
statutory report duly certified , to be delivered to the Registrar for
registration after sending the report to the members of the
company.
ADJOURMENT:
The meeting may adjourn from time to time and at
any adjourned meeting any resolution of which notice has been
given in accordance with the articles , either before or after the
original meeting may be passed and an adjourned meeting shall
have the same powers as an original meeting .
11. AGENDA AT MEETING:
Members of the company present at the meeting shall be
at liberty to discuss any matter , relating to the information of the
company or arising out of the statutory report , whether previous
notice has been given or not but no resolution may be passed of
which notice has not been given in accordance with the articles .
DEFAULT IN HOLDING STATUTORY
MEETING:
A company may be wound up by the court if default is made
in delivering statutory report to the Registrar. If a petition is
presented to the Court winding up the company on the ground of
default in filing the statutory report or in holding the statutory
meeting the court may instead of directing that the company be
wound up , give directions or make such other order as may be
just.
12. PENALTIES IN CASE OF VIOLATION OF ANY
PROVISION:
In the event of in complying with the provisions , the company
and every office of the company who knowingly and willfully
authorizes or permits such default shall be liable .
(1) If the default relates to a listed company , to a fine not less than ten
thousand rupees and not exceeding twenty thousand rupees and in
the case of a continuing default to a further fine not exceeding
two thousand rupees for every day after the first during which the
default continues ; and
(2) If the default relates to any other company , to a fine not exceeding
five thousand rupees and in the case of a continuing default to a
further fine not exceeding two thousand rupees every day after
the first during which the default continues.
13. (B) ANNUAL GENERAL MEETING (AGM):
According to section 158 of Companies Ordinance 1984
, a company must hold its annual general meeting within eighteen
months of its incorporation and thereafter once in every calendar
year but the interval between two general meetings should not be
more than 15 months.
1) A notice of meeting is also sent to shareholders at least 21 days
before
2) This meeting is called to discuss the routine business affairs of
the company and present the performance report of company .
3) In the case of a listed company , the Commission , and , in any other
case, the Registrar , may for any special reason extend the time
within which any annual general meeting , not being the first such
meeting , shall be held by a period not exceeding sixty days.
14. WHERE TO CONDUCT MEETING?
a) An annual general meeting shall, in the case of a listed company
, be held in the town in which the registered office of the company
is situated.
b) The Commission , for any special reason , may , on the application
of such company , allow the company to hold a particular meeting
at any other place .
15. PROVISION REGARDING NOTICE OF ANNUAL
GENERAL MEETING:
1. The notice of an annual general meeting shall be sent to the
shareholders at least twenty-one days before the date fixed for the
meeting .
2. In the case of listed company , such notice in addition to its being
dispatched in the normal course , shall also be published at least in
one issue each of a daily newspaper in English and Urdu language
having circulation in the Province in which the stock exchange on
which the company is listed is situated.
16. CHAIRMAN OF THE GENERAL MEETING:
I. The chairman of the general meeting is the board of directors if
any shall preside as chairman at every general meeting of the
company , but if there is no such chairman , or
II. If at any meeting he is not present within fifteen minutes after the
time appointed for holding the meeting , or is unwilling to act as
chairman ,
III. Any one of the directors present may be elected to be chairman
IV. If none of the directors is unwilling to act as chairman the
members present shall choose one of their number to be the
chairman.
17. PENALTIES IN CASE OF VIOLATION OF ANY
PROVISION:
If default is made in complying with any provision , the company
and every officer of the company who is knowingly and willfully a
party to the default shall be liable ,
a) If the default relates to a listed company to a fine not less than
fifty thousand rupees and not exceeding 5,00,000/- rupees and to a
further fine not exceeding two thousand rupees for every day after
the first fine during which the default continues ;
b) If the defaults relates to any other company to a fine not exceeding
1,00,000/- rupees and to a further fine not exceeding five hundred
rupees for every day after the first during which the default
continues.
18. (C) EXTRA-ORDINARY GENERAL MEETING:
According to section 159 of company’s Ordinance 1984 ,
‘All meetings of a company , other than the annual general
meeting and the statutory meeting shall be called
extra ordinary general meeting.
Directors or shareholders in following circumstances can call these
meetings
1) Where there is some special business to be transacted.
2) When the matter cannot be defined to be transacted .
3) When any matter cannot be transacted at annual general meeting.
19. PROVISION REGARDING NOTICE OF ANNUAL
GENERAL MEETING:
1) Notice of an extra-ordinary general meeting shall be sent to the
members at least twenty- one days before the date of the meeting
.
2) IN the case of listed company shall also be published at least in
one issue of each of a daily newspaper in English language and a
daily newspaper in Urdu language having circulation in the
Province in which the Stock Exchange on which the company is
listed is situated.
3) In case of an emergency affecting the business of the company ,
the Registrar may , on the application of the directors authorize
such meeting to be held at such shorter notice as he may specify
.
20. PENALTIES IN CASE OF VIOLATION OF ANY
PROVISION:
Every officer of the company who knowingly or willfully fails to
comply with any of the provisions of this section shall be liable :
i. If the default relates to a listed company , to a fine not ‘less than
ten thousand rupees and not exceeding twenty thousand rupees
and in the case of a continuing default to a further fine which
may extend of two thousand rupees for every day after the first
during which the default continues
ii. If the defaults relates to any other company, to a fine which may
extend to five thousand rupees and in the case of a continuing
default to a further fine which may extend to two hundred rupees
for every day after the first during which the default continues.