Notice under section 257

This query is : Resolved

Report Abuse Follow Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

15 September 2013 Sir, what should be the last date for filing nomination if 14 days before the AGM is sunday?

Ankur Garg

Ankur Garg (Expert)
Follow

15 September 2013 You can take the date on Saturday. 14 days is just a minimum requirement and notice under 257 can be given more than 14 days before the AGM.

Thanks

Querist : Anonymous

Querist : Anonymous (Querist)

15 September 2013 Sir what if the company accepts the nomination on Sunday to provide an extra day to directors? Is it valid?

Upgrade to CAclubindia Pro. Subscribe Now!

Querist : Anonymous

Querist : Anonymous (Querist)

15 September 2013 sir, if agm is on 30th july, last day wud be 15th evening? pls correct me if am wrong

Ankur Garg

Ankur Garg (Expert)
Follow

15 September 2013 Nops.

Technically it is not possible.

If AGM date is 30 july than Notice of AGM date will be in the first week of July which means you have got the letter u/s 257 before approving the notice of AGM.

Reason being only after receiving the notice u/s 257, you can put the resolution in AGM notice.

Hope you got my point.

Querist : Anonymous

Querist : Anonymous (Querist)

15 September 2013 no sir.

check this

http://www.infosys.com/investors/news-events/annual-general-meeting/2013/Documents/notice-to-members.pdf

as per my understanding notice for agm and notice to members u/s 257 need not be same

Ankur Garg

Ankur Garg (Expert)
Follow

15 September 2013 Please tell me what is the purpose of notice u/s 257 according to you?

Querist : Anonymous

Querist : Anonymous (Querist)

15 September 2013 person other than retiring wishing to contest election at ensuing agm

Upgrade to CAclubindia Pro. Subscribe Now!

Ankur Garg

Ankur Garg (Expert)
Follow

15 September 2013 You need to put the name of that person in AGM notice. This AGM notice is required to be approved in first week of July.

For this purpose notice u/s 257 should be given before adoption/finalisation of AGM notice.

Sequence of event would be:

1. Notice u/s 257 proposing name of person.

2. Adoption of AGM notice.

3. Holding of AGM

I hope it is clear now.

Thanks

Ajay Mishra

Ajay Mishra (Expert)
Follow

15 September 2013 Agreed with expert.

Since section 257 does not say that tender of nomination should be before a particular time on last day, rejection of nomination on ground that deposit was tendered one minute later than 3.30 p.m. i.e., office hours, for cash transactions, would be erroneous inasmuch as it contravened provisions of section 257. [Oriental Benefit and Deposit Society Ltd. v Bharat Kumar K. Shah (2001) 30 SCL 246 (Mad)].

Querist : Anonymous

Querist : Anonymous (Querist)

16 September 2013 Ajay Sir and Ankur Sir, what is the relevance of 257 time for 14 days if nomination has to be only incorporated in AGM notice?

Ankur Garg

Ankur Garg (Expert)
Follow

16 September 2013 Not much relevance and that is why old company Act is replaced by new act.

Upgrade to CAclubindia Pro. Subscribe Now!