Egm held abroad (private limited company)

Arjun G. (DEF) (57 Points)

14 May 2014  

Dear Experts,

 

Under the Companies Act, 1956, no provisions allowed or prevented a private limited company from holding an EGM abroad, as it has been previously and extensively discussed on this forum. This would however make sense for such companies held either mostly or entirely by foreign shareholders, and in actuality, it was done very often.

 

Considering however the new Companies Act, 2013, and more specifically rule 18 of the Companies (Management and Administration) Rules, 2014, which deals with notice of convening sent by email, it is stated that "For the purpose of this rule, it is hereby declared that the extra ordinary general meeting shall be held at a place within India". 

 

Is that to say that from April 1st, any EGM of a private limited company should be necessarily held in India only? 

 

Thanks a lot in advance for your kind replies