Proxy u/s 105
(Guest)
Is appointment of a proxy is only for public company?
1 Replies
Jatin Bajaj
(CS)
(2930 Points)
Replied 01 October 2019
As per the provisions of section 105 of the Companies Act 2013, a member of the Company entitled to attend and vote at the meeting is entitled to appoint the proxy on his behalf to attend the General meeting and such proxy shall act on behalf of not more than 50 members and shall not hold more than 10 percent of the total share capital of the Company. If the proxy holds more than 10 percent of the total share capital of the Company, a member may appoint a single person as proxy and such person shall not act as the proxy for any other person. proxy shall not have the authority to vote at the meeting and do not have any right to speak at the meeting. Proxies are also applicable to private Company but shall not applicable to the Company who are not limited by the shares unless articles permit.
Proxies are only relevant to form the requisite quorum under the provisions of section 103 of the Companies Act 2013.
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