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Company meetings

jayasree g (Others) (44 Points)

30 March 2016

whether a comany has to convene statutory meeting which is incorporated under 2013 companies act

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3 Replies

CS Arjun Rajagopal (B.com, ACS) (1056 Points)
Replied 30 March 2016

Following statutory meetings are to be conducted by a company incorporated under Companies Act, 2013

1. Board Meeting - Section 173(1)

Every company shall hold the first meeting of the Board of Directors within
thirty days of the date of its incorporation and thereafter hold a minimum number of four
meetings of its Board of Directors every year in such a manner that not more than one
hundred and twenty days shall intervene between two consecutive meetings of the Board

You must also comply with SS-1 issued by ICSI.

2. Annual General Meeting- Section 96(1)

Every company other than a One Person Company shall in each year hold in
addition to any other meetings, a general meeting as its annual general meeting and shall
specify the meeting as such in the notices calling it, and not more than fifteen months shall
elapse between the date of one annual general meeting of a company and that of the next:
Provided that in case of the first annual general meeting, it shall be held within a period
of nine months from the date of closing of the first financial year of the company and in any
other case, within a period of six months, from the date of closing of the financial year:
Provided further that if a company holds its first annual general meeting as aforesaid,
it shall not be necessary for the company to hold any annual general meeting in the year of
its incorporation:
Provided also that the Registrar may, for any special reason, extend the time within
which any annual general meeting, other than the first annual general meeting, shall be held,
by a period not exceeding three months.

You must also comply with SS-2 issued by ICSI

3. Audit Commitee Meetings and Nomination and Remuneration Committe Meetings

a. Mandatory for all all publlic companies having in aggregate outstanding loans or borrowings or debentures or depostis exceeding Rs. 50 Cr or more.,

b. Mandatory for all public companies having paid up share capital of Rs. 10 crore or more.,

c. Mandatory for all public companies having turnover of Rs. 100 crore or more.,

Further, for listed companies apart from the above three meetings following committe meetings are necessary under SEBI (LODR) Regulations, 2015

1. Stakeholders Relationship Committe Meetings

2. Risk Management Committe Meetings (Only for top 100 listed Comps)

You may kindly go through SEBI (LODR) Regulations, 2015 for the detailed understanding of the above two meetings.

Regards,

Arjun Rajagopal

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(Guest)

statutory meeting is deleted in companies act 2013.... in 1956 act company needs to have statutory meeting within 30 months section 165

P C Agrawal (Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad) (8229 Points)
Replied 24 September 2016

There is no requirement of holding statutory meeting under the new Act.