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Powers Of Company Law Board To Call Annual General Meeting(Sec.167) - Meetings And Resolutions
Business Environment and Law-Meetings And Resolutions
Powers Of Company Law Board To Call Annual General Meeting(Sec.167) - Meetings And Resolutions
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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.
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.
The Board of Directors may call an extraordinary general meeting:
on its own.
on requisition of the members.
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.
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.
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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