Kinds of meetings in company law 2013. Meetings under the Companies Act of 2013 2022-12-17
Kinds of meetings in company law 2013 Rating:
There are several kinds of meetings that can take place in the context of company law, each serving a specific purpose and governed by specific rules. In this essay, we will explore some of the main types of meetings that may be held by companies in the United Kingdom, as set out in the Companies Act 2013.
One of the most common types of meetings in company law is the annual general meeting (AGM). This is a mandatory meeting that must be held by all companies, typically once a year, to allow shareholders to receive information about the company's financial performance and to vote on important matters such as the appointment of directors and the adoption of financial statements. AGMs must be announced to shareholders at least 21 days in advance and must be held at a time and place convenient for shareholders.
Another type of meeting that may be held by companies is an extraordinary general meeting (EGM). EGMs are held outside of the usual schedule of AGMs and are called to discuss specific matters that cannot wait until the next AGM. EGMs can be called by the board of directors or by shareholders who hold at least 5% of the company's voting shares. Like AGMs, EGMs must be announced to shareholders at least 21 days in advance and must be held at a time and place convenient for shareholders.
In addition to AGMs and EGMs, companies may also hold board meetings to discuss and make decisions on matters related to the company's operations and management. Board meetings can be held in person or remotely, such as by conference call, and must be announced to all directors at least 48 hours in advance. Minutes of the meeting must be kept and made available to all directors.
Another type of meeting that may be held by companies is a creditor's meeting. Creditor's meetings are held when a company is experiencing financial difficulties and is considering insolvency procedures, such as administration or liquidation. Creditor's meetings are attended by the company's creditors, who are entitled to vote on proposals for the company's future. Creditor's meetings must be announced at least seven days in advance and must be held at a time and place convenient for creditors.
Finally, companies may also hold meetings of their employees, known as employee meetings. Employee meetings can be held to discuss matters related to the company's operations and management, as well as to consult with employees on decisions that may affect their employment. Employee meetings do not have the same legal requirements as AGMs, EGMs, or board meetings, but companies may have their own internal policies or collective bargaining agreements that govern the conduct of employee meetings.
In conclusion, there are several kinds of meetings that may be held in the context of company law, each serving a specific purpose and governed by specific rules. Understanding the different types of meetings and their requirements is important for companies and their stakeholders to ensure that meetings are conducted in a fair and transparent manner and that the interests of all parties are taken into account.
Meetings Under the Companies Act, 2013
The main purpose of these meetings is to obtain the approval of the creditors and contributories to the scheme of compromise or rearrangement to save the company from financial difficulties. A meeting must be constituted by two persons at least, but under exceptional circumstances, it can be done by one. The meetings for such committees are held in the same way as those of Board Meetings. The chairperson can call the issues if undecided for a vote after a thorough debate. A meeting so called and conducted shall be deemed to be a meeting of the company duly called and conducted. ANNUAL GENERAL MEETING: a Section 166: The first Annual General Meeting of a company may be held within a period of not more than 18 months from the date of its incorporation. Provided alsothat the provisions of this clause shall not apply to a transaction, other than a transaction referred to in section 188, between a holding company and its wholly owned subsidiary company.
Different kinds of Meetings under Companies Act of 2013
The company gives the circular to shareholders before 21 days of the meeting. Section 101 of the Companies act 2013, deals with the provision of Notice for the annual general meeting. These committees consist of only directors. These provisions ensure smooth functioning of the companies and facilitate their effective working. Notice of Meeting: Not less then 7 days notice writing to every director at his usual address registered with company and such notice shall be sent by hand delivery or by post or by e-mode. Notice of a meeting Under Section 101 of the Companies Act, 2013 21 days of notice has to be given by the company before conducting a meeting.
Under the new Act, AGM can be held on any day including Saturdays, Sundays and public holiday except National Holidays 26th January, 15th August and 2nd October between 9 a. MEETING OF DEBENTURE HOLDERS: These meeting are called according to the rules and regulations of the Trust Deed or Debenture Bond. When a company desires to vary the rights of debenture-holders, such meetings are to be held according to the rules laid down in the Debenture Trust Deed. Every notice of a meeting shall specify the place, date, day and the hour of the meeting and shall contain a statement of the business to be transacted at such meeting. But if a proxy form is sent at the request of a member, the officer shall not be liable. One of the highlights for freelancers and remote workers is the virtual office. Moreover the decisions of the meetings are to be notified to directors who were absent from it.
The Committee shall formulate criteria for determining qualifications, positive attributes and independence of directors and recommend to the board a policy relating to remuneration for directors, KMP and other employees and while formulating the policy ensure reasonableness and sufficiency of remuneration to retain and motivate Directors and quality to run Company relationship of remuneration to performance and remuneration of Directors, KMP and other senior management. Every publicly traded company. But if all the members entitled to attend and vote at the meeting agree, the report could be forwarded later also. Accidental omission to give notice to, or the non-receipt of notice by, any member or any other person on whom it should be given will not invalidate the proceedings of the meeting. It is the list of businesses to be transacted at the meeting.
A Study On The Kinds Of Meetings Under Companies Act, 2013
However, as per the Section 47 of the Companies Act, 2013 preference shareholder is entitled to vote only for a resolution pertaining to his rights. There are no well-defined sections for such meetings but have been part of company law through various judicial cases and interpretation. A member who holds more then 10 % of total share capital carrying voting rights may appoint a single person as his proxy but that proxy shall not act as proxy of other person. These are the most important as well as the most frequently held meetings of the company. Meetings of the Directors a Board meetings b Committees meetings 3. Companies which are required to constitute audit Committee shall oversee the mechanism through the committee and if any of the members of the committee have a conflict of interest in a given case they should rescue themselves and the others on the committee would deal with the matter on hand. A statutory meeting and annual general meeting address the issues that form the ordinary business of the corporation.
What Are The Laws Relating To Meetings Under Companies Act, 2013
The Notice must be in written form and it must contain the time, date and the venue of meeting. The expenses for this purpose must be borne by the requisitionists and must be tendered to the company. After detailed discussion, the chairperson may call the matters if undecided for voting. And Board need to call meeting within 21 days of getting such request or maximum of 45 days, by giving such notice to such members prior to 3 days of conducting such meeting. Special Meeting a Class Meeting Meetings of Particular Share or Debenture Holders Meetings, which are held by a particular class of share or debenture holders e. Extraordinary General Meeting Every general meeting i. Companies of all sizes are expected to give notice at least seven days before the meeting.
Meetings & Resolutions under the Companies Act, 2013
The requisition must state the objects of the meetings and must be signed by the requisitioning members. The meetings have to be registered through MGT 14 before the registrar of companies with 30 days of such a meeting. Venue:Â At Registered Office or any such place in the city where such Registered Office is situated. However, a company may hold its first annual general meeting within 18 months from the date of its incorporation. In other cases it is to be taken when the Chairman decides, but it must be within 48 hours of the demand for poll. If within half an hour after the time appointed for holding a general meeting; the quorum is not present, the meeting shall stand dissolved if it was called on requisition by members. My advisor was helpful.
Kinds of Company Meetings Under the Companies Act, 2013, Company meetings can be classified as under: 1. Depending on the situation, it might be long-term or short-term. The time of holding of the Annual General Meeting may be fixed by the articles of the company. The requisitionists are permitted to go to tribunals if they have been denied the permission to hold EOGM required that they apply for it first themselves. How is the brand beneficial for me as a freelancer? A successful business meeting is one that keeps us interested, educates us, makes a collective decision, helps team building, and provides us with a plan for achieving our objectives. However, when a demand for poll is made, he must order the poll be taken. .
Different Kinds of Meetings under Companies Act of 2013
In the event that, for such reasons, the Extraordinary General Meeting cannot be held, then the Company Law Board can call the meeting on its own authority. Company Meeting Type 5. An adjourned meeting is merely the continuation of the original meeting and therefore, a fresh notice is not necessary, if the time, date and place for holding the adjourned meeting are decided and declared at the time of adjourning it. A public company or a private company which is a subsidiary of a public company, may, by a resolution passed in one general meeting, fix the time for its subsequent general meetings. Two or More Persons: To constitute a valid meeting, there must be two or more persons.
Every meeting conducted by a company must be recorded properly and every meeting have to be registered before the registrar of companies within 30 days. Thus the board of directors is a group of people responsible for the functioning and management of the company. Company Meeting Type 1. However, an annual general meeting may be called and held with a shorter notice, if it is consented to by all the members entitled to vote at the meeting. Unless the articles of the company or a contract binding on the persons concerned otherwise provides, all provisions pertaining to calling of a general meeting and its conduct apply to class meetings in like manner as they apply with respect to general meetings of the company.