07 December 2013
As per section 176 of the companies act 1956, proxy form in order to be effective should be duly stamped and signed and must be deposited at the Registered Office of the Company not less than 48 hours before the meeting.
09 December 2013
Actually institute and other authors are having different interpretation. Institute is doing the literal interpretation and the authors are saying what you people are sayin...!! kindly help me.. which answer to write in exam?
01 August 2024
In the context of the IPCC examination for Company Law, particularly regarding the submission of proxy forms, it's essential to follow the guidelines provided by the Institute of Chartered Accountants of India (ICAI) and adhere to the legal requirements stipulated in the Companies Act. Here’s a detailed explanation:
### **Submission of Proxy Forms:**
#### **Legal Requirements:**
1. **Companies Act, 2013 (or earlier, as applicable):** - **Section 105 (Proxies):** This section of the Companies Act, 2013, governs the appointment of proxies. - **Submission Timeframe:** According to the Companies Act, 2013, a proxy form must be submitted **48 hours before the commencement of the meeting**.
2. **General Interpretation:** - **Literal Interpretation:** The literal interpretation, as provided by the Institute, is that the proxy form must be submitted not less than 48 hours before the scheduled time of the meeting. This is to ensure that the proxy can be verified and properly processed before the meeting begins. - **Authors' Interpretation:** While some authors might provide additional insights or clarifications, it is crucial to align with the official requirements as specified by the Companies Act.
### **Best Practice for Examination:**
In your IPCC exam, it's best to adhere to the following approach:
1. **Follow ICAI Guidelines:** - Stick to the literal interpretation provided by the ICAI, which is the requirement to submit the proxy form at least 48 hours before the meeting. - This aligns with the formal guidelines and ensures that you are in line with the examination expectations.
2. **Cite Relevant Sections:** - When answering questions related to proxy forms, cite the relevant section of the Companies Act (Section 105) to support your answer.
3. **Avoid Ambiguity:** - While authors may provide additional perspectives, your exam answers should be based on the legal requirements as laid out in the Companies Act and the ICAI guidelines. This will avoid ambiguity and ensure that your answers are aligned with the expected legal standards.
### **Sample Answer for Examination:**
**"According to Section 105 of the Companies Act, 2013, a proxy form must be submitted not less than 48 hours before the commencement of the meeting. This requirement ensures that the proxy can be duly verified and processed in time for the meeting. Therefore, in accordance with the legal provisions, the proxy form should be submitted at least 48 hours prior to the meeting."**
By following the ICAI’s guidance and citing the relevant legal provisions, you ensure that your answers are accurate and in line with the examination requirements.
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