Company law

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 June 2014 Good morning sir/Madam,
What are the reasons for adjourning a meeting?
Can a Company adjourn its AGM for any number of times?

Thank you in anticipation.

Ankur Garg

Ankur Garg (Expert)
Follow

18 June 2014 Usually a meeting is adjourned due to the lack of quorum. Quorum is the minimum number of members which should be present to start the meeting.

I would suggest you to check the provision of section 103 of companies act, 2013.

Thanks

Ankur Garg

Ankur Garg (Expert)
Follow

18 June 2014 section 103. (1) Unless the articles of the company provide for a larger number,—

(a) in case of a public company,—
(i) five members personally present if the number of members as on the date of meeting is not more than one thousand;
(ii) fifteen members personally present if the number of members as on the date of meeting is more than one thousand but up to five thousand;
(iii) thirty members personally present if the number of members as on the date of the meeting exceeds five thousand;
(b) in the case of a private company, two members personally present, shall be the quorum for a meeting of the company.

(2) If the quorum is not present within half-an-hour from the time appointed for holding a meeting of the company—
(a) the meeting shall stand adjourned to the same day in the next week at the same time and place, or to such other date and such other time and place as the Board may determine; or
(b) the meeting, if called by requisitionists under section 100, shall stand cancelled:

Provided that in case of an adjourned meeting or of a change of day, time or place of meeting under clause (a), the company shall give not less than three days notice to the members either individually or by publishing an advertisement in the newspapers (one in English and one in vernacular language) which is in circulation at the place where the registered office of the company is situated.

(3) If at the adjourned meeting also, a quorum is not present within half-an-hour from the time appointed for holding meeting, the members present shall be the quorum.

Message likes : 1 times

Upgrade to CAclubindia Pro. Subscribe Now!