cancellation of EGM can be recalled again

Querist : Anonymous (Querist) 22 June 2010 This query is : Resolved
Extra ordinary general meeting called by Bank of Rajasthan cancelled following the court order dated 21.06.2010. The MD & other executives left the office and was informed to SEFI immedaitely.

The shareholders meeting was later on held under the chairman ship of one of the share holder overruling the court order without informing others and even Bank. No member of Bank or board was present in the meeting.

Is the meeting valid.

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Kundan Lal Nandwani (Expert) 22 June 2010
You have not gone through the complete news perhaps. ICICI bank has got the stay against the order of the lower court staying the meeting. if the majority of share holders were present and they selected one of them as chairman for the meeting, I donot think there is any illegality in view of the stay granted by Calcutta High Court. Let us see what happens since the legal battle will be fought in future. nandwani advocate

Devajyoti Barman (Expert) 22 June 2010
The stay order is already vacated by the Calcutta High Court and thereafter the EGM was held.

Querist : Anonymous (Querist) 24 June 2010

MY QUERY POSTED ON 23.06.2010

==> Extra ordinary general meeting called by Bank of Rajasthan on 21.06.2010 cancelled on the same day at 12.50 PM following the stay order issued by Kolkatta Lower court

==> Following the stay orders at around 12.50 PM meeting declared cancel by MD and other executives of the bank and left the venue.

==> Immediately the then gathered shareholders convened the meeting at around 2.00 PM ( stay order effective at the time of meeting )

==> later on in the evening at around 4.00 pm the stay got vacated from Kolkatta High Court by ICICI Bank ( not a party to the meeting )

My query is as under :

1. What are the formalities to be followed by the share holders in terms of Company Law Board

2. Whether the decision taken in the meeting is binding on the Bank once the meeting declared as cancelled following the law order ==> Extra ordinary general meeting called by Bank of Rajasthan on 21.06.2010 cancelled on the same day at 12.50 PM following the stay order issued by Kolkatta Lower court

==> Following the stay orders at around 12.50 PM meeting declared cancel by MD and other executives of the bank and left the venue.

==> Immediately the then gathered shareholders convened the meeting at around 2.00 PM ( stay order effective at the time of meeting )

==> later on in the evening at around 4.00 pm the stay got vacated from Kolkatta High Court by ICICI Bank ( not a party to the meeting )

My query is as under :

1. What are the formalities to be followed by the share holders in terms of Company Law Board

2. Whether the decision taken in the meeting is binding on the Bank once the meeting declared as cancelled following the law order

DEFENSE ADVOCATE.-firmaction@g (Expert) 28 June 2010
For all such matters practical solutions are always found and which they have done by ratifying the decisons.

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