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Annual General Meeting (Secs. 166 and 167) - Meetings And Resolutions

   Posted On :  14.05.2018 10:18 pm

Company to hold annual general meeting every year (Sec. 166) Every company shall in each year hold, in addition to any other meetings, a general meeting as its annual general meeting and shall specify the meeting as such in the notice calling it.

Annual General Meeting (Secs. 166 and 167):
 
 
Company to hold annual general meeting every year (Sec. 166) Every company shall in each year hold, in addition to any other meetings, a general meeting as its annual general meeting and shall specify the meeting as such in the notice calling it. There shall not be an interval of more than 15 months between one annual general meeting and the another. But the first annual general meeting should be held within a period of 18 months from the date of its incorporation.
 
The Registrar may, for any special reason, extend the time for holding any annual general meeting by a period not exceeding 3 months. But no extension of time is granted for holding the first annual general meeting. Every annual general meeting shall be called during business hours on a day that is not a public holiday. It shall be held either at the registered office of the company or at some other place within the city, town or village in which the registered office of the company is situated. As regards holding of the annual general meeting, no distinction is made between a public company and a private company.
 
21 days’ notice (Sec.171): A general meeting of a company may be called by giving not less than 21 days’ notice in writing. Annual general meeting is a statutory requirement: The annual general meeting of a company is a statutory requirement. It has to be called even where the company did not function during the year. Canceling or postponing of convened meeting: Where an annual general meeting is convened for a particular date and notice is issued to the members, the Board of Directors can cancel or postpone the holding of the meeting on that date provided power is exercised for bona fide and proper reasons.
 
Canceling of failure to hold annual general meeting: If a company fails to hold an annual general meeting;
 
1. Any member can apply, under Sec. 167, to the Company Law Board for calling the meeting.
2. The company and every officer who is in default shall be punishable with fine.

 

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