If default is made by a company in holding an annual general meeting in accordance with Sec. 166, any member of the company may apply to the Company Law Board for calling such a meeting.
PowersOfCompanyLawBoardToCallAnnualGeneralMeeting(Sec.167):
If default is made by a company
in holding an annual general meeting in accordance with Sec. 166, any member of
the company may apply to the Company Law Board for calling such a meeting.
Penalty For Default (Sec. 168):
If default is made by a company
in holding a meeting in accordance with Sec. 166 or in complying with any
direction of the Company Law Board in calling a meeting under Sec. 167, the
company, and every officer of the company who is in default, shall be
punishable with fine which may extend to Rs. 2,500 for every day after the
first during which such default continues.
Extraordinary General
Meeting (Sec. 169):
A statutory meeting and an annual
general meeting of a company are called ordinary meetings. Any meeting other
than these meetings is called an extraordinary general meeting. It is called
for transacting some urgent or special business which cannot be postponed till
the next annual general meeting. It may be convened. (1) by the Board of
Directors on its own or on the requisition of the members; or (2) by the
requisitionists themselves on the failure of the Board of directors to call the
meeting.
(1) Extraordinary meeting convened by the Board of
Directors.
The Board
of Directors may call an extraordinary general meeting:
on its
own.
on
requisition of the members.
2. Extraordinary
meeting convened by the requisition.
Power of Company Law Board to order meeting (Sec. 186): If for any
reason, it is impracticable for a company to call, hold or conduct an
extraordinary general meeting, the Company Law Board may call an extraordinary
meeting. II. Class
Meetings:
Under the Companies Act, class
meetings of various kinds of shareholders and creditors are required to be held
under different circumstances. Under Sec. 106, class meetings of the holders of
different classes of shares are to be held, if the rights attaching to these
shares are to be varied.
Tags : Business Environment and Law-Meetings And Resolutions
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