21 October 2010
As per Section 174(3) of the Companies Act, 1956 provides that if within half an hour from the appointed time for holding meeting , the quorum is not present, the meeting shall stand adjourned to the same day in the next week, at the same time and place or to such other day or such other place, as the Board May determine.
Is there any time provided within wich the date for the adjourn meeting is to be determined by the board. whether it is necessary to declare in the meeting itself that meeting is adjourn to the next week or till the date decided by the board.
21 October 2010
Section 174(4) deals with 2 situations.
The first is where the meeting is not adjourned to any date. In such a situation, what the sub-section says is thet the meeting shall stand adjourned to the same day in the next week. This is an automatic statutory adjournment of the meeting without the intervention of human agency.
The second situation contemplated under 174(4) is to hold the meeting on such other day and at such other time and place as the board may determine.
The operation of the second part of 174(4) comes into play when the meeting is adjourned by the board of directors to be convened on any particular day and time, at any particular place on the date of the meeting itself or at any date before the commencement of the same day in the next week. If no such date is fixed before that time limit, the first part of 174(4) automatically operates and the convening of the meeting on the same day in the next week at the same time and place.
21 October 2010
Yes it can be intimated by a circular. But normally if there ia any important discussions to be done than some directors dont intimate and as per the law if the EGM conducted next week same day and same time is valid. Just a play of game.
CAclubindia
