Section 166 of the Companies Act, 1956
This query is : Resolved
16 December 2010
Hi...
Suppose A Pvt. Ltd. is a subsidiary of a Public Company. Now, Mr. A, a Director of the Company is liable to retire by rotation at the ensuing AGM of the Company. After the issue of notice of AGM, the Company has regained the status of a Private Limited Company. What will happen at the AGM of the Company????? Whether we have to adjourn the AGM????
God Bless
Udit Sharma
Suppose A Pvt. Ltd. is a subsidiary of a Public Company. Now, Mr. A, a Director of the Company is liable to retire by rotation at the ensuing AGM of the Company. After the issue of notice of AGM, the Company has regained the status of a Private Limited Company. What will happen at the AGM of the Company????? Whether we have to adjourn the AGM????
God Bless
Udit Sharma
16 December 2010
No need to adjourn the meeting if you can obtain the consent of all the members entitled to vote thereat, for shorter notice as specified in Section 171(2).
16 December 2010
Nothing will happen...
Retirement by rotation system is not prohibited for a private com. though it is not mandatory.
So in this case u may continue with the existing notice....
However in your case following the current notice should not be interpreted in the following way:
""For future --- this pvt co. is bound to follow Retirement by rotation system.
Regards
Retirement by rotation system is not prohibited for a private com. though it is not mandatory.
So in this case u may continue with the existing notice....
However in your case following the current notice should not be interpreted in the following way:
""For future --- this pvt co. is bound to follow Retirement by rotation system.
Regards
17 December 2010
If Mr A was liable to retire by rotation and as per the notice he was to be reappointed then no issue, reelect him and pass the resolution with the words "not liable to retire by rotation".
However if his reappointment was not considered in the notice and you want to continue his directorship, you will have to issue a fresh notice revising the agenda items. In that case also you need not adjourn the meeting. You can hold the meeting on the same say, however subject to obtaining the consent of all the members entitled to vote thereat as specified in Section 171(2).
However if his reappointment was not considered in the notice and you want to continue his directorship, you will have to issue a fresh notice revising the agenda items. In that case also you need not adjourn the meeting. You can hold the meeting on the same say, however subject to obtaining the consent of all the members entitled to vote thereat as specified in Section 171(2).
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- RCM INVOICING FROM NOV-2024
- Sale of property furniture sale
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Tds on building rent monthly
- Confusion around Form 26QB fields
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
Trending Online Classes
CAclubindia
