Holding of agm on a public holiday
This query is : Resolved
28 November 2011
what are the consequences if an agm is held on a public holiday. notice was issued by oversight. no time to amend the notification now.
29 November 2011
Annual General Meeting cannot be held on a public holiday. Section 166(2) inter alia states that every annual general meeting shall be called on a day, which is not a public holiday.
It has been clarified by the Department (MCA) vide Circular F. No. 8/23/(166 /69-CL-V that section 166 of the Companies Act deals with the actual period during which the annual general meeting is to be held. Sub-section (2) states that every annual general meeting shall be held on a day that is not a public holiday and this provision is mandatory. If the provision of section 166(2) are to be considered as 'merely regulatory' as suggested "shall be called" used in the section will ceased to have any meaning.
But an Adjourned annual general meeting may be held on a public holiday.
The Department (MCA) has vide Circular File No. 8/16(1)/61-PR stated that there is no contravention of section 166(2) if the adjourned annual general meeting comes to be accidentally held on a public holiday.
It has been clarified by the Department (MCA) vide Circular F. No. 8/23/(166 /69-CL-V that section 166 of the Companies Act deals with the actual period during which the annual general meeting is to be held. Sub-section (2) states that every annual general meeting shall be held on a day that is not a public holiday and this provision is mandatory. If the provision of section 166(2) are to be considered as 'merely regulatory' as suggested "shall be called" used in the section will ceased to have any meaning.
But an Adjourned annual general meeting may be held on a public holiday.
The Department (MCA) has vide Circular File No. 8/16(1)/61-PR stated that there is no contravention of section 166(2) if the adjourned annual general meeting comes to be accidentally held on a public holiday.
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29 November 2011
Agree with the Expert.
The AGM can be held in any day other public Holiday.
As you inadvertently issued notice to the Shareholders of AGM On public Holiday.It is a default.
For this intimate the Shareholder through Newspaper
If your company is listed one then intimate through public announcement through stock exchange.
You have to rectify your default.
others views are solicited.
The AGM can be held in any day other public Holiday.
As you inadvertently issued notice to the Shareholders of AGM On public Holiday.It is a default.
For this intimate the Shareholder through Newspaper
If your company is listed one then intimate through public announcement through stock exchange.
You have to rectify your default.
others views are solicited.
29 November 2011
Convene a Board meeting thereby resolve to postpone the general meeting to a day other than a public holiday. Also give a public notice to share holders through news papers ,one in vernacular and the other in english language.
30 November 2011
Thanks for the views.
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