Sec 166 - Query
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ruchi chawda
Nov 28, 2011, 7:53:02 AM11/28/11
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Hey Guys...
I have a case...
Company X is listed, and CS incidentally called an AGM on a public holiday. He circulated the notice to all the Share Holders.Two Days before the AGM he realised that the AGM is falling on a Public holiday.
The question is:
1. What are the remedies available for not calling AGM on a public holiday.
2. If he calls the AGM on a public holiday what are the consequences.
Regards
Ruchi
nagendrakumar susarla
Nov 28, 2011, 9:34:53 AM11/28/11
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Dear Ruchi,
AGM cannot be convened on a Public Holiday. Act is very strict.
Solution to the present problem will be to postpone the meeting through press
advt.
It is preferably that the Board fixes a fresh date not far from the date
originally fixed and fresh notice be given mentioning that the originally fixed
meeting had to be deferred for reasons beyond the control of the board. A listed
company should also inform SEBI. Please note: meeting to be postponed but not
cancelled.
Since the Act is very strict, I am of the opinion that , even if the meeting is
conducted, it is unltra vires the company's act and court may quash the
proceedings.
Probably you may check with shri P.S. Rao or Mr. Marthi and others
best wishes
Nagendra Kumar
On Mon, 28 Nov 2011 18:23:09 +0530 wrote
>Hey Guys...
I have a case...
Company X is listed, and CS incidentally called an AGM on a public holiday. He
circulated the notice to all the Share Holders.Two Days before the AGM he realised
that the AGM is falling on a Public holiday.
The question is:1. What are the remedies available for not calling AGM on a public
holiday.2. If he calls the AGM on a public holiday what are the consequences.
RegardsRuchi
AGM cannot be convened on a Public Holiday. Act is very strict.
Solution to the present problem will be to postpone the meeting through press
advt.
It is preferably that the Board fixes a fresh date not far from the date
originally fixed and fresh notice be given mentioning that the originally fixed
meeting had to be deferred for reasons beyond the control of the board. A listed
company should also inform SEBI. Please note: meeting to be postponed but not
cancelled.
Since the Act is very strict, I am of the opinion that , even if the meeting is
conducted, it is unltra vires the company's act and court may quash the
proceedings.
Probably you may check with shri P.S. Rao or Mr. Marthi and others
best wishes
Nagendra Kumar
On Mon, 28 Nov 2011 18:23:09 +0530 wrote
>Hey Guys...
I have a case...
Company X is listed, and CS incidentally called an AGM on a public holiday. He
circulated the notice to all the Share Holders.Two Days before the AGM he realised
that the AGM is falling on a Public holiday.
The question is:1. What are the remedies available for not calling AGM on a public
RegardsRuchi
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ruchi chawda
Nov 28, 2011, 11:13:19 AM11/28/11
to 4thmsop...@googlegroups.com
Hello Sir,
I agree with you..but the notice has already been sent to all the members and they realized it 2days before the meeting..so as the company is listed it has however contravened the provisions because they have to inform Stock Exchange in advance.
From: nagendrakumar susarla <nagendra...@rediffmail.com>
To: 4thmsop...@googlegroups.com
Sent: Monday, 28 November 2011 8:04 PM
Subject: Re: Sec 166 - Query
nagendrakumar susarla
Nov 29, 2011, 12:07:08 AM11/29/11
to 4thmsop...@googlegroups.com
My dear Ruchi,
Any how, the meeting will not be valid. Hence better to pay penalties rather than
conduct the meeting.
Further company is also losing on account of making arrangements etc. Ultimately
the employee will be taken to task. But these are internal. For the outside
world, postpone the meeting informing that the reasons are beyond the control of
the management and fix up a fresh date.
Yesterday I saw one such query in CA club where one person informed that He has
convened the meeting on 17th December which is a public holiday on account of
Moharrum. But there are only 10 share holders. Some one advised him to take the
consent of all the share holders. But such a solution will not work here.
Best wishes
Nagendra Kumar
On Mon, 28 Nov 2011 21:43:33 +0530 wrote
>Hello Sir,
I agree with you..but the notice has already been sent to all the members and they
realized it 2days before the meeting..so as the company is listed it has however
contravened the provisions because they have to inform Stock Exchange in advance.
From: nagendrakumar susarla
FollowRediff Deal ho jaye!to get exciting offers in your city
Any how, the meeting will not be valid. Hence better to pay penalties rather than
conduct the meeting.
Further company is also losing on account of making arrangements etc. Ultimately
the employee will be taken to task. But these are internal. For the outside
world, postpone the meeting informing that the reasons are beyond the control of
the management and fix up a fresh date.
Yesterday I saw one such query in CA club where one person informed that He has
convened the meeting on 17th December which is a public holiday on account of
Moharrum. But there are only 10 share holders. Some one advised him to take the
consent of all the share holders. But such a solution will not work here.
Best wishes
Nagendra Kumar
On Mon, 28 Nov 2011 21:43:33 +0530 wrote
>Hello Sir,
I agree with you..but the notice has already been sent to all the members and they
realized it 2days before the meeting..so as the company is listed it has however
contravened the provisions because they have to inform Stock Exchange in advance.
nagendrakumar susarla
Apr 20, 2012, 7:05:23 AM4/20/12
to 4thmsop...@googlegroups.com
My dear Ruchi
By the way who is your cost auditor ?
My services are available.
Nagendra Kumar
your 4th MSOP collegue
On Mon, 28 Nov 2011 21:43:33 +0530 wrote
FollowRediff Deal ho jaye!to get exciting offers in your city
By the way who is your cost auditor ?
My services are available.
Nagendra Kumar
your 4th MSOP collegue
On Mon, 28 Nov 2011 21:43:33 +0530 wrote
> Hello Sir,
I agree with you..but the notice has already been sent to all the members and they
realized it 2days before the meeting..so as the company is listed it has however
contravened the provisions because they have to inform Stock Exchange in advance.
From: nagendrakumar susarla I agree with you..but the notice has already been sent to all the members and they
realized it 2days before the meeting..so as the company is listed it has however
contravened the provisions because they have to inform Stock Exchange in advance.
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