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Withdrawal of EGM resolution

1040 views 2 replies

Niki Shingade

Company Secretary

83 Points Joined December 2009

Dear All,

A Pvt. Co. had secured members approval vide a sp. resolution at an EGM for shifting of reg. off.from one state to another. Now the management and the Board are of the view that they do nt want to go ahead with the business.

What are the legal requirements and implications of the above. Is the withdrawal of the special resolution possible.

Regards

Replies (2)

Guest

The Authority who has approved or passed a resolution is free to withdraw it if the decision is not irreversible in law, as it is in some cases particularly for listed companies.

In your case resolution of change in registered office in EGM can be withdrew by another special resolution of shareholders. However it is open for withdrawal only till the time it’s not approved by higher level authority, in your case central govt.

Regards