cpc

company law: agm

Professional

Dear Members,

An AGM for a private limited company was held and notice alongwith agenda & financial statements were provided to all shareholders as per the provisions of the Companies Act. On the day of the AGM, one shareholder came 10 minutes after the scheduled time. By that time, the meeting had concluded as the items on the agenda were limited (company is a private company with minimum transactions) and quorum was present. Ths shareholder was accompanied by her advocate and cried foul. Kindly advice as the shareholder has approached the ROC.

Regards,

Bhaven Shah

 
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Advocate

if the quorum was present then company has a right to commence its meeting and not liable to wait for someone unless the presence of the said person is utmost important to discuss upon specific agenda.

 

in this case if the said person presence was not compulsory  required for discussion on specific agenda then the said person cannot ask the board to wait for him/her.

 

if the said member feels that any particular topic requires detailed dicsussion and he/she can brings few facts before the board which is relevant and beneficial for the shareholders/company or employes, then the company may reschedule its meeting or call an EGM for that specific agenda.

Regards,

Advocate Rohit Dalmia

9324538481

Mumbai


Total likes : 1 times

 
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Professional

The shareholder has around 1% holding in the pvt company and there was no special agenda to be discussed at the meeting. However, the shareholder is causing trouble and harassment by making frvolous allegations. What remedy is available to the Company.


Regards,

Bhaven Shah

 
Reply   
 

hi Bhaven your 2 questions look like that the problem is not Vicarious Liability here the shareholder only holding 1% share and he is trying to interfare with bad intention for to hamper the companys work circle , here the company can  discuss the matter with the share holder for to solve the problem. and its not a maintanable case.

 
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Professional

Numerous attempts have been made to resolve the matter amicably but the shareholder believes in harassing the directors. Kindly advice

 
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