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Explanatory statement u/s 102 of companies act 2013.

Nirmala (Article Assistant) (104 Points)

11 September 2014

Is Explanatory Statement u/s 102 is Required for Ordinary Business, if yes what details to be mentioned in explanatory statement.

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P C Agrawal (Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad) (8229 Points)
Replied 11 September 2014

No, it is required only for special business. [Ref.Sec.102(1)].

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prakash (Company Secretary) (1352 Points)
Replied 12 September 2014

Dear Nirmala,

Explanatory Statement for or dinary business is not required. it is only for special business.

Nirmala (Article Assistant) (104 Points)
Replied 12 September 2014

then there is no need to file MGT-14 for Ordinary Resolution

Vandana J Doshi (Practising Company Secretary) (12562 Points)
Replied 13 September 2014

Hi Nirmala, Mgt 14 is not required for ordinary business .....the ADDA as dealt in AGM falls under the purview of ordinary business....so MGT 14 not required for them.....all other business other than those 4 are termed as special business for which ordinary and/or special resolution will be required....so whether MGT 14 is required or not will depend on that particular purpose/resolution. Hopefully it is clear.if not revert here....

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