28 February 2017
FACTS: A, B and C are shareholders of the company XYZ Private Limited. A holds 80% of shares of the company, B holds 0.3% shares of the company and C holds 0.5% shares of the company. XYZ Private Limited holds Annual General Meeting in year 2016. Query: 1. Can “A “ be appointed as Proxy on behalf of B and C in annual general meeting of XYZ Private Limited, 2. If yes, then Shareholding of A will also be counted for appointing proxy on behalf of A and C or only hat of B and C will be counted. (A person can act as proxy on behalf of members not holding in aggregate not more than 10% of share capital in relation to section 105 read with Management and Administration Rules 2014).
Expert :
Anonymous
Expert :
Anonymous
(Expert)
28 February 2017
MCA notification dated 5th June 2015 has exempted pvt companies from the purview of section 101 to 107 if articles otherwise provide....
in simple articles > act for the above sections.... if articles are silent follow act
Expert :
Anonymous
Expert :
Anonymous
(Expert)
28 February 2017
A can be appointed as proxy... since B & c combined holding is less than 10%.. however one person alone form meeting... minimum two required
03 March 2017
Thanks for reply sir.One more thing wish to clarify with you. Rules says "holding more than 10% of total share capital of company carrying voting rights does it mean 10% of its paid up capital? or 10% of its authorised capital
Querist :
Anonymous
Querist :
Anonymous
(Querist)
03 March 2017
Thanks for reply sir.One more thing wish to clarify with you. Rules says "holding more than 10% of total share capital of company carrying voting rights does it mean 10% of its paid up capital? or 10% of its authorised capital