In pvt Ltd, there are 3 shareholders out of which 2 are non resident and 1 is resident.
so can company conduct it's AGM in india ???
3 Replies
Nikeeta Bahar
(43 Points)
Replied 23 September 2019
Yes.. AGM can Be Conducted with Quorum of 2 Directors where 1 should be Resident director
Ritu Chauhan
(68 Points)
Replied 23 September 2019
Can u please give me the rule under which I can find the same
Nikeeta Bahar
(43 Points)
Replied 23 September 2019
Hey Ritu.. The Requirement of One Resident Director is For Composition of Board Of Company... however, No Requirement for The same Is Provided For Board Meeting...
moreover, No Such Rule/Notification/Circular has been issued by MCA for Clarifying the Presence of Resident Director in Board Meeting.. however in 2014 the Provision of 149 requiring 1 resident director was Specially for Foreign companies doing business in India... so This Would be Very Logical to Interpret that Provision for Board Meeting So that Decisions are Not prejudicial to the interest of Company. However No Such Provision is Present.
moreover, No Such Rule/Notification/Circular has been issued by MCA for Clarifying the Presence of Resident Director in Board Meeting.. however in 2014 the Provision of 149 requiring 1 resident director was Specially for Foreign companies doing business in India... so This Would be Very Logical to Interpret that Provision for Board Meeting So that Decisions are Not prejudicial to the interest of Company. However No Such Provision is Present.
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