Sagar (NA) (30 Points)
05 October 2012Dear Friends I have query regarding appointment of proxy on behalf of two or more members.
Can a person appointed as a Proxy on behalf of more than two members??
another query is - Mr. X, director, is holding directorship in 5 private companies and these 5 companies are members of Listed Company, now in this case can Mr. X can be appointed as Proxy on behalf of 5 companies for AGM of Listed Company??
Shabnam Siddiqui
(Company Secretary)
(152 Points)
Replied 06 October 2012
Yes one single person can attend meeting as a proxy of more than one member. In case of companies, a director can attend the meeting as a proxy duly authorised by a Board Resolution. Get the Board Resoution passed in the Private cos and send it to the Public company with the proxy forms not more than 48 hours prior to the meeting.
Kindly note that proxy dont have a right to speak during the meeting and can vote only on a poll.
CA Manish
(Job)
(5264 Points)
Replied 06 October 2012
Sec 187 - Representation of corporations at meetings of companies and of creditors.
(1) A body corporate (whether a company within the meaning of this Act or not) may
(a) if it is a member of a company within the meaning of this Act, by resolution of its Board of directors or other governing body, authorize such person as it thinks fit to act as its representative at any meeting of the company, or at any meeting of any class of members of the company :
(2) A person authorized by resolution as aforesaid shall be entitled to exercise the same rights and powers (including the right to vote by proxy) on behalf of the body corporate which he represents as that body could exercise if it were an individual member, creditor or holder of debentures of the company.
Ttarget='_blank' rel='nofollow' hrefore in second case Mr X will be regarded as representative instead of a proxy.Even Mr. X can appoint a proxy for attending a meeting.
CAclubindia
