29 September 2011
Sir, sec 167. on the application of any member of the company, Central Govt. call/ direct the calling of, a general meeting of the company and give such ancillary or consequential direction as theit thinks expedient such as one member of the company present in person all by proxy shall be deemed to constitute a meeting. section 168.
If default is made in holding a meeting u/s 166, u/s 167, the company, and every officer of the company who is in default, shall be punishable with fine which may extend to fifty thousand rupees and in the case of a continuing default, with a further fine which may extend to two thousand five hundred rupees for every day after the first during which such default continues. But note that meeting called after 15 months shall not be illegal, however penalty will be levied. YOU WILL HAVE TO GO FOR COMPOUNDING OF OFFENCES. Kindly let me know whether this solution has solved your query. Regards, CS Sumat Singhal
CAclubindia
