IN A PVT COMPANY TWO MEMBERS ARE NRI

This query is : Resolved

DEEPAK (Querist)
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15 February 2009 I WANT TO KNOW THAT IN A PVT COMPANY THERE IS REQUIREMENT TWO DIRECTORS ARE NRI OR THERE IS COMPLUSION ONE INDIAN DIRECTOR IS INDIAN

Neha Singhi

Neha Singhi (Expert)
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16 February 2009 No compulsion, but the requirements of Board meeting and general meeting under section 285 and 166 should be met resp.
Board should meet atleast four times in a year, once in every three months. And general meeting should be held at the place, town, city whr regd office is situated.
If quorum i.e. the only two directors are not present then meeting will be invalid and penal consequences would follow
neha@nehasinghi.com

CS. Ashish Shah

CS. Ashish Shah (Expert)
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18 February 2009 Yes, I agree with Neha, but for better clarity, Board Meeting can be done at any place even out of India and except the Annual General Meeting other General Meeting i.e. Extra Ordinary General Meeting can be done at any place even out of India.

Annual General Meeting should be done within the city limit of the place where the Registered Office is situated.

Jagruti (CS)

Jagruti (CS) (Expert)
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24 February 2009 yes in Company, all directors can be NRI and there is no such complusion for indian director

Neha Singhi

Neha Singhi (Expert)
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26 February 2009 Ashish, Need to clarify
As far as I guess statute has not clarified anywhr about place of conducting Board meeting or EGM. Could you forward me any text which supports your contention.

CS. Ashish Shah

CS. Ashish Shah (Expert)
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27 February 2009 Dear Neha,

When one thing is not provided in the Act it means that they have have given the liberty for that particular factor. However, you can refer the Ramiya book in which they have also given the case laws and the comentry for the Board Meeting as well as EGM.

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