Holding of agm on a public holiday
This query is : Resolved
28 November 2011
what are the consequences if an agm is held on a public holiday. notice was issued by oversight. no time to amend the notification now.
29 November 2011
Annual General Meeting cannot be held on a public holiday. Section 166(2) inter alia states that every annual general meeting shall be called on a day, which is not a public holiday.
It has been clarified by the Department (MCA) vide Circular F. No. 8/23/(166 /69-CL-V that section 166 of the Companies Act deals with the actual period during which the annual general meeting is to be held. Sub-section (2) states that every annual general meeting shall be held on a day that is not a public holiday and this provision is mandatory. If the provision of section 166(2) are to be considered as 'merely regulatory' as suggested "shall be called" used in the section will ceased to have any meaning.
But an Adjourned annual general meeting may be held on a public holiday.
The Department (MCA) has vide Circular File No. 8/16(1)/61-PR stated that there is no contravention of section 166(2) if the adjourned annual general meeting comes to be accidentally held on a public holiday.
It has been clarified by the Department (MCA) vide Circular F. No. 8/23/(166 /69-CL-V that section 166 of the Companies Act deals with the actual period during which the annual general meeting is to be held. Sub-section (2) states that every annual general meeting shall be held on a day that is not a public holiday and this provision is mandatory. If the provision of section 166(2) are to be considered as 'merely regulatory' as suggested "shall be called" used in the section will ceased to have any meaning.
But an Adjourned annual general meeting may be held on a public holiday.
The Department (MCA) has vide Circular File No. 8/16(1)/61-PR stated that there is no contravention of section 166(2) if the adjourned annual general meeting comes to be accidentally held on a public holiday.
Message likes :
2 times
29 November 2011
Agree with the Expert.
The AGM can be held in any day other public Holiday.
As you inadvertently issued notice to the Shareholders of AGM On public Holiday.It is a default.
For this intimate the Shareholder through Newspaper
If your company is listed one then intimate through public announcement through stock exchange.
You have to rectify your default.
others views are solicited.
The AGM can be held in any day other public Holiday.
As you inadvertently issued notice to the Shareholders of AGM On public Holiday.It is a default.
For this intimate the Shareholder through Newspaper
If your company is listed one then intimate through public announcement through stock exchange.
You have to rectify your default.
others views are solicited.
29 November 2011
Convene a Board meeting thereby resolve to postpone the general meeting to a day other than a public holiday. Also give a public notice to share holders through news papers ,one in vernacular and the other in english language.
30 November 2011
Thanks for the views.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Eway bill for machinery reparing
- Under construction property in ITR
- Gift of mutual fund units to daughter
- Not able to file ITR
- Reporting of STCG on Property in ITR
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
