Hi everyone.....
Can a Pvt Ltd subsidiary company of a foreign company can conduct AGM in India?Through video conferencing or some other mode?
100 % shares are held by 2 foreign company...
Thank you,
Shahad
CA Final
4 Replies
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 02 June 2013
There is no provision in the Act for holding AGM through video conferencing or any other mode. MCA circular permitted Board meetings through video conferencing.
Sarvesh
(Company Secretary)
(179 Points)
Replied 03 June 2013
MCA vide its circular no. 27/2011 dated 20.05.2011 allowed companies to hold general meetings through video conferencing with a view to provide larger participation and for curbing costs, borne by the shareholders to attend General meetings.
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 03 June 2013
Thanks Sarvesh for correcting me. Copy of MCA circular is attached.
However, it may be noted that the Act provides that the quorum in AGM must be personally present. Hence in the given case representatives of both the shareholders have to be personally present to form quorum. Other shareholders, if any, can participate through electronic mode.
Attached File : 9367 1181606 shareholders meeting through electronic mode 20 5 2011.pdf downloaded: 253 times
Sarvesh
(Company Secretary)
(179 Points)
Replied 03 June 2013
Agree with the observation of Mr. P C Agrawal.
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