Holding of agm on a saturday

As per Section 166(2) ,Every annual general meeting shall be called for a time during business hours, on a day that is not a public holiday, and shall be held either at the registered office of the company or at some other place within the city, town or village in which the registered office of the company is situated.

If company has business hours on Saturday, it can hold AGM on that day
 

The AGM should be held during business hours, as saturday is off so does not constitute business hours hence cannot hold AGM on Saturday...

Other views are solicited

Agree with Charu Madam,,,

Sub-section (2) of section 166 of the Companies Act,1956  provides that an annual general meeting shall be called for a time during business hours. The term "business hours" signifies the normal working hours during which the trade, industry and banks function. 

In view of the above, in the instant case , since Saturday is a off -day, AGM could not be held on that date.

I beg to differ with the above views.

As per Sec-166(2), AGM shall be called for a time during "BUSINESS HOURS" on a day that is NOT a "PUBLIC HOLIDAY". Therefore, in my opinion, you can hold an AGM on Saturday (provided August 18th is not declared a Public Holiday as per the Negotiable Instruments Act) even if its a HOLIDAY for your company.

Other views solicited.

Regards

HB.

In simple words, Saturday should not be public holiday and company office should be open on that day viz business hours.

Good reply HIranand.

give circular of Saturday working would be suffice, 

Other views invited

I, agree with the view of  Mr. Hiranand, Section 166 (2)  says Every annual general meeting shall be called for a time during business hours, on a day that is not a public holiday, As Saturday is not a public holiday its only off for the Company. So, AGM can be called on Saturday.

Business Hours mean the hours during which the company is open for business.

It also mean those hours of the day during which a commercial,banking, professional, public or other kind of business are ordinarily carried on.

Since in he instant case , Saturday is a off- day to the cxompany, therefore,it cannot hold its AGM on that day.

It may kindly be noted that it should be held during normal business hours of the company on a day other than a public holiday.

Dear Mr. Arun, I differ from your view here business hour does not mean the hour during which the Company is open for business,  And if So then if business operations of any Company are closed for many years then when  such Company will hold AGM what will be Business hours for such types of Companies. 

 Business Hours means the normal hours of working followed in the industry it does not changes for every Company. 

Dear Smriti,

An AGM is required to be held during the usual business hours of the Company other than on Public Holiday(or Saturday where according to the standing instruction of the Company ,Saturday has been declared as a non-working day for usual business purposes)at the Registered Office of the Company or any other place within the city ,town or village in which the registered office of the Company is situated vide practical notes given in page 600 in the book titled "Guide to Co. Law Procedures by Shri M.C.Bhandari (Volume2).

Hope this will clarify your doubt in the matter.

A.K.Maitra.M.Com,LL.B,A.C.A,A.C.S,M.I.M.A

Retd. Co.Secy. & G.M.(Law)

National Fertilizers Ltd.

A Mini-Ratna Central P.S.U.)

Hello,

Business hour means, normal working hours agree, but its a pvt. co., so hv to go through Article of Association of Company, by which company has only 5 working days,,,(Saturday, Sunday is not a working day),, so Company can not held its AGM on Saturday.

Dear Smriti,

An AGM is required to be held during the usual business hours of the Company other than on Public Holiday(or Saturday where according to the standing instruction of the Company ,Saturday has been declared as a non-working day for usual business purposes)at the Registered Office of the Company or any other place within the city ,town or village in which the registered office of the Company is situated vide practical notes given in page 600 in the book titled "Guide to Co. Law Procedures by Shri M.C.Bhandari (Volume2).

Hope this will clarify your doubt in the matter.

A.K.Maitra.M.Com,LL.B,A.C.A,A.C.S,M.I.M.A

Retd. Co.Secy. & G.M.(Law)

National Fertilizers Ltd.

A Mini-Ratna Central P.S.U.)

An annual general meeting should be held during the business hours of the registered office of the company. Since Saturday is not a working day for the company. Company can't hold AGM on saturday as it will not constitute  business hours

Dear all

With due regards to the views of Shri. Arun Kumar Maitra and also Shri. MC Bhandari, I still beg to differ on the following grounds:

1. Sec-2(38) of the Companies Act, 1956 defines a Public Holiday to mean a Public Holiday within the meaning of Negotiable Instruments Act, 1881. Therefore, the intention of the legislature seems to be to rely on the NI Act for the purpose of Sec-166(2) of the Companies Act, 1956.

2. Some of the provisions of the NI Act viz., Sec-76, etc., use the words "Business Hours", though the Act is silent on the terms "Business Hours".

3. Therefore, the intention of the legislature in case of the provisions of the Companies Act, 1956 seem to rely on NI Act for the purpose of interpretation.

4. Further, even for sake of argument if the veiws of our learned seniors is taken to be correct - CAN A BPO / LPO / SOFTWARE COMPANY THAT WORKS ALMOST 24*7 can decide to conduct an AGM at midnight ?

5.  In my view the opinion of Shri. MC Bhandari pertained to the times when such BPO / LPO / Software organisations did not exist.

Views of Learned Seniors & others are welcome pls.

Regards

HB.