Dear All,

I think Mr. Maitra is absolutely right -

1. Business Hours here means normal business hours of the Company

(Ramaiya explanations p-1954 "Meanings of Business Hours")

2. Companies which work 24x7 does have the working hours for the purposes of Western Client but in different time Zone. But normally business hours of the Company where the Registered office is situated.

3. If the company does not operate on Saturdays how can it may claim Meeting held on normal business hours.?????

Regards

From my point of view MR. Hiranand is Correct. A Private Limited Company can hold its meeting on Saturday also although in usual days the office is off on Saturdays. Because Business Hour what i think means the normal business hours of every company/ institution/ banks etc and not of that particular company. As even in 166(2), its specified that Every annual general meeting shall be called for a time during business hours, on a day that is not a public holiday.

Here specified "BUSINESS HOURS" and not the business hours of that particular company. 

The law does not choose to define business hours for a company as this could be best left to the convenience of each company.Each company has its own schedule of business hours and this is well known to the public with whom it deals vide McA's File No. 34/1/75-CL-III[Reference: Ramaiya's Guide to the Companies Act,1956 (17th Edition,Part-2,page-1954.

In view of the above, I still hold the view as already given by me.

The law does not choose to define business hours for a company as this could be best left to the convenience of each company.Each company has its own schedule of business hours and this is well known to the public with whom it deals vide McA's File No. 34/1/75-CL-III[Reference: Ramaiya's Guide to the Companies Act,1956 (17th Edition,Part-2,page-1954.

In view of the above, an AGM is required to be held during the usual business hours of the Company other than on Public Holiday(or Saturday where according to the standing instruction of the Company ,Saturday has been declared as a non-working day for usual business purposes)at the Registered Office of the Company or any other place within the city ,town or village in which the registered office of the Company is situated vide practical notes given in page 600 in the book titled "Guide to Co. Law Procedures by Shri M.C.Bhandari (Volume2).

Hope this will clarify your doubt now in the matter.

A.K.Maitra.M.Com,LL.B,A.C.A,A.C.S,M.I.M.A

Retd. Co.Secy. & G.M.(Law)

National Fertilizers Ltd.

(A Mini-Ratna Central P.S.U.)

DEAR EXPERTS..

                   AGM CAN INDEED BE HELD ON SATURDAY SINCE THE COMPANIES ACT BY VIRTUE OF SEC.166 STATES THAT AGM CAN BE HELD EVEN SUNDAYS PROVIDED IT IS NOT A PUBLIC HOLIDAY.

YOU CAN PASS CIRCULAR THAT THE OFFICE (REGD) OF THE COMPANY WOULD REMAIN OPEN ON SATURDAY AND LET THE MEMBERS KNOW ABOUT THE SAME.

REGARDS..

TANVEER MD MASOOD

CALCUTTA

I agree with Mr. Hiranand, Since some of the BPO works in nights only and remain closed in daytime due to their timing adjustment to US/UK, but i do not think a meeting can be at midnight 4 ' O clock being companies normal business hours.

Since AGM participants are Shareholders who may be anyone from any industry and not the employees of the company, therefore we have to take the general meaning of normal business hours which prevails accross then industries and businesses. it may not depend on companies functioning but the functioning of industry/banking as point out by hiranand. also i guess the intention behind it is to give shareholders little relief that their general holidays and general after business hours are not gone in attending the AGM thereby restricting companies to not hold the agm on holiday,Therefore looks like a company can hold the meeting on saturday if it is not declared a holiday.