Sunshine (Helping All) (10575 Points)
09 October 2010this question is from the scanner..m not able to understand the answer..plz explain....
A public co. has 50 preference shareholders.in a class meeting of preference shareholders only 1 shareholder mr . X attended the meeting . He however held proxies from all other shareholders. He took the chair conduted the meeting and passed a resolution.Examine the validity of the meeting and the resolution.
CA Aakash Gupta
(CA )
(44 Points)
Replied 09 October 2010
meeting valid nahi hogi and postponed ho jaegi
ans yahi hai na
Sunshine
(Helping All)
(10575 Points)
Replied 09 October 2010
i am looking for the reason and the detailed explaination.....
plz temme the difference in calculation of quorum in case of a GM of members and class meeting of preference shareholders and debenture holders....
regards,
Sneha Bagla
ankit gupta
(article)
(81 Points)
Replied 10 October 2010
The meeting is valid. As in the case of class meeting the meeting is valid even if all the class shares are virtually held by a single person and all the other persons are present in proxies.
Sunshine
(Helping All)
(10575 Points)
Replied 10 October 2010
whats the exact provision for class meeting quorum?whats the difference between GM quorum and class meeting quorum?
Sunshine
(Helping All)
(10575 Points)
Replied 10 October 2010
in the munish bhandari book they have held the meeting invalid,..
Kalpesh Chauhan,
(Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com))
(8311 Points)
Replied 10 October 2010
Meeting is not valid as qurom was not present at the meeting.
Kalpesh Chauhan,
(Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com))
(8311 Points)
Replied 10 October 2010
Kalpesh Chauhan,
(Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com))
(8311 Points)
Replied 10 October 2010
Sunshine
(Helping All)
(10575 Points)
Replied 10 October 2010
| Originally posted by : Kalpesh Chauhan, | ||
 |
Proxy can vote only in case by vote of show of hands not in any other way. |
 |
i disagree....proxy can vote only in case of poll unless it is permitted by the articles for the proxy to vote by show of hands...
mannoj
(striving for success)
(501 Points)
Replied 10 October 2010
yes, here proxy voting is not at all relevant.
here
in a class meeting to be valid , all preference shares to be held by only one member
but it is not so here
coz X , holds only one share. so the case of class meeting is also not relevant.
then by conclusion, we can say
since the meaning MEETING-- specifies two r more persons gathered together,
here only x , a single member cannot held meeting himself
so it is not a valid meeting.( proxies are not treated as members here)
mannoj
(striving for success)
(501 Points)
Replied 10 October 2010
sneha i thnk u ve understood
thank u
regards.....
pankaj soni
(Student)
(36 Points)
Replied 11 October 2010
according to section 174 normaly one person can not validly constitute a meeting even if he hold proxies for all members. ( there must be onther one with the proxy for a valid meeting) However in the following circumctances, one person shall form the quorum for a GM.
a) if the all the share of a particular class are held by one person.
b) if there is only one creditor or debenture holder,,,
c) NCLT may issue direction u/s 167 or u/s 186 that one member, present or by proxy, shall constitute quorum.
on basis of above provison this meeting is valid.... according to clause a)..........
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