Guide to Extraordinary General Meeting of Indian Company

All general meetings of a company in India except the statutory meeting and the annual general meetings are called an extraordinary general meeting. My Account Login Signup LearningCenter LEDGERS GuidetoExtraordinaryGeneralMeeting Postby:IndiaFilingsinGovernmentInitiativesPrivateLimitedCompany Home» Learn»GovernmentInitiatives»GuidetoExtraordinaryGeneralMeetingGuidetoExtraordinaryGeneralMeeting AllgeneralmeetingsofacompanyinIndiaexceptthestatutorymeetingandtheannualgeneralmeetingsarecalledanextraordinarygeneralmeeting.Thereisagapofaroundayearor18monthsbetweentwoannualgeneralmeetings.Therefore,ifanimportantbusinessarisesinbetweentwoannualgeneralmeetingsthatrequireshareholdersapproval,thenanextraordinarygeneralmeetingcanbecalled. Callingan ExtraordinaryGeneralMeeting Anextraordinarygeneralmeetingcanbecalledfortransactinganybusinessofurgentnature,whichcannotbepostponeduntilthenextannualgeneralmeeting. Usuallyanextraordinarygeneralmeeting(EGM)canbecalledinthefollowingcircumstances: CallingoftheEGMbytheBoardonitsownmotion. CallingofEGMbyanyDirector,ifatanytimetherearenotwithinIndiaDirectorscapableofactingwhoaresufficientwinnumbertoformaquorum. CallingEGMbytheBoardofrequisitionofmembersasperprovisionoftheAct. CallingofEGMbytherequisitionists themselves. ConveningofEGMbytheCompanyLawBoardorTribunal FunctionofExtraordinaryGeneralMeeting The CompaniesAct,2013 providesthatallbusinessthatareconsideredinanextraordinarygeneralmeeting(EGM)shallbeconsideredasspecialbusiness.ThefunctionofanEGM istwo-fold.First,anEGM isusedtoprovokethemtoknowaboutcertainimportantmatterspertainingtothecompanyandifnecessary,makesthemattendthemeetingpersonallywheneverpossible.Secondly,theEGM placesadutyonthecompanytoprovidetotheshareholdersmoreinformationaboutthebusinesstobetransactedattheEGM intheformofanexplanatorystatement.Theexplanatorystatementattachedtothenoticetoextraordinarygeneralmeetingusuallycontainsinformationlike: Thenatureofconcernorinterest,financialorotherwise,ifany. Informationandfactsthatmayenablememberstounderstandthemeaning,scopeandimplicationsoftheitemsofbusinessandtotakedecisions. HoldinganExtraordinaryGeneralMeeting Anextraordinarygeneralmeetingcanbecalledonanydayotherthananationalholiday.ThearticlesofassociationoftheCompanywoulddetail theprocedureforcallingfororholdinganextraordinarygeneralmeeting. ExtraordinaryGeneralMeetingonRequisitionofMembers Anextraordinarygeneralmeetingcanbeconvenedontherequisitionofmemberswhetherhavingsharecapitalornot.However,tocallandholdanextraordinarygeneralmeeting,therequisitionmustbesignedbyholdersofnotlessthanonetenthofpaid-upsharecapital.Therequisitionforextraordinarygeneralmeetingmustbesubmittedatleast21dayspriortotheproposeddateoftheextraordinarygeneralmeeting.Ifthecompanyfailstoproceedwithin21daysandtocalltheabovesaidmeetingwithin45daysthenthemembersmaycallthemselvesameetingwithinaperiodof3monthsfromthedateofdepositofrequisitiontothecompanyandafterexpiryof45days. Toknowmoreaboutextraordinarygeneralmeetingofaprivatelimitedcompanyorlimitedcompany,visitIndiaFilings.comortalktoanIndiaFilingsAdvisor. PostbyIndiaFilingsIndiaFilings.comiscommittedtohelpingentrepreneursandsmallbusinessownersstart,manageandgrowtheirbusinesswithpeaceofmindatanaffordableprice.Ouraimistoeducatetheentrepreneuronthelegalandregulatoryrequirementsandbeapartnerthroughouttheentirebusinesslifecycle,offeringsupporttothecompanyateverystagetomakesuretheyarecompliantandcontinuallygrowing. Tags: 1 EasilyregisterforGSTandfileGSTreturnsonlinethroughIndiaFilings. Knowmore RegisterTrademark TalktoExpert RegisterCompany TalktoExpert Knowmore TalktoExpert Knowmore TalktoExpert Knowmore TalktoExpert X Hithere, Weareavailableonline! ChatwithExpert