A listed company has conducted the voting through e-voting platform for its AGM. As a scrutinizer's report is required under section 108 of CA, 2013 and also a report from scrutinizer is required under section 109 for demand of poll. and then a combined report is handed over to the chairman.
Now, in my case. E voting is done resolutions are passed. But on the date of AGM only 1 shareholder attended the AGM and that too didn't demanded poll. In this case;
1. Whether Report under section 109 is required to be given by scrutinizer. 2. Does only E-voting report under section 108 will solve the purpose.
01 September 2014
For Public Limited companies, Quorum for AGM has changed, based on number of shareholders. (Section 103)
When no. of members is less than 1,000 – Quorum required is – 5
When no. of members is more than 1000, but less than 5,000 – Quorum required is – 15
When no. of members is more than 5,000 – Quorum required is – 30
In your case No quorum was present. One person can not form quorum for meeting.
Further as per section 121, Every listed public company shall prepare in the prescribed manner a report on each annual general meeting including the confirmation to the effect that the meeting was convened, held and conducted as per the provisions of this Act and the rules made thereunder.
If the company fails to file the report, the company shall be punishable with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees and every officer of the company who is in default shall be punishable with fine which shall not be less than twenty-five thousand rupees but which may extend to one lakh rupees
Thanks for your reply. I mistakenly written the quorum as one, actually one is the outside shareholder, i mean other than promoters, the requirement of quorum is fulfilled with the presence of promoter shareholders.
So, the report of scrutinizer on e-voting under section 108 given to the chairman of meeting is the only report to be given on the part of scrutinizer and no combined report shall be submitted. Correct me if i am wrong.
CAclubindia
