You will all know, a meeting means discussing a subject while living together. How the meeting originated. In earlier times people used to eat food together in the morning and evening and at the same time, all the people talked together and made necessary discussions and decisions. The meeting was started at that time.
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What is a company meeting?
The company is an artificial person and when the members of the company meet to make their decision, it is called a company meeting. Here, they are talked about the general interest of the company.
It has 2 elements.
- The number of members who are required should be present there.
- Members should meet at a certain time.
In other words, when you meet someone, whether it is by yourself or by someone or by some work, then this meeting is called a meeting.
You will know that the company mainly holds 2 types of meetings.
- Director meeting
- General meeting
The Director meeting consists of the board meeting and committee meeting.
The general meeting consists of an acuity meeting and a preference meeting.
Statutory Meeting – This public company which is limited by the share must hold this meeting.
This should be within 6 months of company registration in India. Its main objective is to tell the members how much money came into the company, how much preliminary expense took place and who is the member of the company. Notices are sent to the members before doing this. It is sent 21 days in advance. In this, the director has to give statutory report members.
General Meeting: Everyone can attend the general meeting, in which all the shareholders come and apart from this the directors come.
Annual General Meeting –
It happens once a year. It occurs every year. This is explained in section 96. It consists of meetings related to accounts, dividends, directors, and audits. In this, the auditor has to be approved by the shareholder every year. The auditor has a working period of up to 5 years but he has to take approval every year. It can also be called Ordinary Business.
Apart from this, a special business can also be discussed in this meeting, shifting the registered office, removing the director, changing the name of the company, etc. Ordinary business can only be discussed at the annual general meeting.
Extraordinary General Meeting- Such meetings that are not annual general meetings are extraordinary general meetings. , Or such meetings that take place between 2 annual general meetings will also be extraordinary general meetings. It is not necessary to call EGM. In this only special business comes. An explanation is required for special business, so an explanatory statement is required for special business. And it will go with notice.
Class Meeting – Directors and Investors come to the class meeting.
Now you have to tell all the sections of the general meeting in a summary, which helps you in remembering.
- Section 96 refers to the annual general meeting.
- Section 97 tells when NCLT can call an annual general meeting.
- Section 98 describes when NCLT can call an Extraordinary General Meeting.
- Section 99 states that when a company does not implement section 96,97,98, it tells the penalty.
- Section 100 explains this extraordinary general meeting.
- Section 101 explains how the general meeting notice will be sent to the members.
- Section 102 is sent with an explanatory statement notice in it.
- In section 103 the quorum is decided.
- Section 104 in this is told about the chairperson of the meeting. Mostly, the chair person of the company and the chairperson of the meeting are the same but if it does not, then within 15 minutes of the meeting, someone is made a chairperson, who has a meeting under his supervision.
- Section 105 explains this to Proxy. When a member cannot come by himself, he sends the proxy to his place.
- In section 106, it is said to restrict voting rights.
- In section 107, it has been told to raise their hands and vote.
- Section 108 explains electronic voting.
- Section 109 refers to voting by-poll.
- Section 110 refers to the postal valid. It is not in the Ordinary Business.
- Section 111 describes the circulation of members.
- Section 112 represents the president and governor.
- Section 113 this body refers to corporate. Who will be his representative?
- Section 114 specifies the ordinary and special resolution.
- More than half of the people will vote in the meeting for ordinary resolution and 75% should be for a special resolution.
- Special notice is required to pass section 115 resolutions.
- In section 116 it states that the resolution was passed in the adjourned meeting.
- In section 117 it has been told about the resolution and agreement of the ROC which will have to be mentioned with the ROC.
- Section 118 describes this minute of books.
- Section 119 describes the inspection of minutes.
- In section 120, records have to be kept in electronic form.
- Reports of section 121 annual general meeting have to be filed in the ROC.
- Section 122 this will apply to One Person Company. There will be a board meeting and there will not be a general meeting.