Can a egm be valid if only one member present in meeting?
This query is : Resolved
19 April 2013
A pvt. ltd. company having 3 members- A,B & C. A & B holds 24.5% shares each and C holds 51% shares. A & B are directors of company. C wants to call a EGM. Can C call EGM? Can EGM will be valid if only C is available at EGM and that EGM is called by requisition of C?
20 April 2013
As per section 174, 2 directors must be present personally as valid quorum in case of general meeting of a private company. In this regard an EGM with one member is not valid. Percentage of shareholding does not make any difference.
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