Pankaj Arora (Learner) (3134 Points)
10 April 2013Dear All Pls let me know if we pass any resolution in Public Ltd.company we need for permission from our shareholder. But our promoter holds in company more than 90% voting right so is there still any requirement for taking permission from shareholder because our promoter holds more 90% that means it’s already approve.
Pavan Zavar
(NA)
(57 Points)
Replied 14 April 2013
Pankaj, Your query is not fully clear to me.
Even if Promoters holds 90% shareholding, you cannot bypass provisions of Companies Act. You have to conduct shareholder's meeting as contemplated by Act and get the resolution formally passed at member's meeting. Formalities regarding serving notice and explanatory statement to members, holding a proper meeting, conducting meeting and getting resolution duly passed at such meeting cannot be avoided looking at majority promoter holding. If you have the majority holding in your support your proposed resolutions, so there is no reason to fear or avoid to hold member's meeting.
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