11 October 2010
if mr. X a member(1 share) of a public co. appoints a proxy mr.y on 10th may and another proxy mr.z on 11th may...x submits it to the co. on 12th may and y submits the form on 13th may...GM is on 20th May....which proxy will be valid?
12 October 2010
thanx....on what basis u took this decision?which date is relevant - date of assigning the proxy or date of submission of proxy form to co.?
13 October 2010
A question relating to validity of proxy may be raises in the general meeting of a company. Any question relating to validity of proxy must be decided by the chairman and his decision shall be final unless influenced by fraud or bad faith.
If the shareholder has signs two instrument (proxy forms) representing the same share and hand over them to two persons then the proxy bearing the later date would be valid. Proxy form not bearing any date will be rejected by the company.
Section 176(1)(b) states that unless the Articles provide otherwise, a member of private company shall not be entitled to appoint more than one proxy to attend on the same occasion. However, a member of a public company can appoint more than one proxy to attend and vote at a meeting instead of himself.
The person who has been authorized by the creditor company to attend a meeting of debtor company, he need not hold proxy on behalf of the creditor company and himself can nominate a representative to vote the proxy.
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