EGM outside india

[hari ram]

Dear learned members,

 

I have two queries.

 

1. Can EGM be held outside India., if yes

2. any specific provision which says that it can be held outside india or any case law suggesting the same.

[Shobana Veeramani]

Dear Hari ram,

 

The Act does not require that a General Meeting other than an Annual General meeting must be held only at the registered office or in the city, town where the registered office is situated.

 

But, unless the meeting is held in or near the place of the registered office, the purpose of the meeting may be defeated if it is held at a place where the members may not have access except at a great expense.

 

regards

Shobana V

Company Secretary

Orange County Resorts & Hotels Ltd

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[Vivek Aggarwal]

Dear Hariram

Although expressely there is no restriction in the Act but you might be aware that the Register of Members are to be made available for inspection at the meeting which as per Section 163 cannot be taken out of the state in which the Regd. office of the company is located. So if you convene a meeting outside India, there will be a default.

 

Other members views are invited.

 

Regards
Vivek Aggarwal

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From: hari ram <harir...@gmail.com>
To: csmy...@googlegroups.com
Sent: Wed, 30 June, 2010 12:19:08 PM
Subject: [CSMysore] EGM outside india

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[Vedavathy Kabadi]

Hi,

The section on EGM does not specifically talk on the venue for the
meeting. But, if carrying the ROM is an inconvenience, why not the
extracts of the same be carried to the place where the meeting is
meant to be held ( though outside india).

Members views solicited.

Thanks & Regards
Cs Vedavathy R Kabadi

[Vivek Hegde]

Dear Member

There is no restriction for holding an EGM outside India. You can refer Ramaiya's cometary on the same.

Vivek

On Wed, Jun 30, 2010 at 5:11 PM, Vivek Aggarwal <vivek_...@yahoo.co.in> wrote:

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Warm Regards

CS Vivek Hegde,B.com, ACS, CWA
Company Secretary in Practice
No. 405, 4th Block, 7th Cross
Koramangala, Bangalore-560034
Mob: 09019756940/09900898223

[hari ram]

thank you all for the prompt reply.

 

I have another query with regard to allotment of shares to overseas corporate bodies.

 

1. According to FEMA regulations, allotment to overseas bodies cannot be made at facevalue, it has to be made according to the share valuation certificate from a CA.

 

Now my query is if the shares have been allotted at the facevalue, what is the status and if its wrong then what is the best possible way to solve this issue.

 

Regards

Hariram

 

[Vivek Aggarwal]

Dear Vedavathy

That will be clear violation of Section 163.

Regards
Vivek Aggarwal

[Vedavathy Kabadi]

Vivek,

Thank you so much on the update about this..

Veda