Once more a subject sounds really simple, but sure understanding is obviously required as you plan for a general assembly of shareholders of your business – or if performing a secretarial or compliance audit. I am sure most subscribers are familiar on this particular issue but this bit of post in short I’m providing you for refreshing your inactive knowledge Component of your conscious thoughts –
Department 171 to 186 of the Companies Act, 1956 deal together and prescribes different regulations pertaining to General Meetings (if AGM or EGM) View Website. It’s worth to point out here that these terms are pertinent subject to the terms supplied by Department 170 of the Companies Act, 1956.
Allow me to give you in short, the research and total applicability of Section 170, that will be the subject matter of the discussion in this report.
The conditions of Section 171 to 186 apply to all public companies and private businesses which which are subsidiaries of public firm.
In the event of private businesses too, unless otherwise mentioned specifically in the Act, or particularly provided in the Articles of Association of the Private businesses, the numerous provisions supplied below Section 171 to 186 will employ. However, you have to pay attention to exceptions in the event of private business offered in the Act itself and Articles of Association of a private firm.
In regard to these terms relation to proxies, appropriate modification ought to be drawn up in compliance with the rules produced by Central Government for its category of members such as Preference Shareholders or Debenture holders.
The terms involving 171 to175 and 177 to 186 will use to Class assembly subject to the terms of any contract binding involving the members of these class.
It ought to be noted that no provision in the Articles or in the arrangement ought to be inconsistent with the terms of this Act applicable to these businesses.