Priya (Professional) (117 Points)
05 December 2018A company has 11 members out of which 1 is individual and other 10 are corporates represented by 1 single person. what shall be number of members present for the meeting in AGM in MGT 7. will it be 2 (one individual and other representative of 10 members) or all 11 members ( 1 individual and 10 through representatives?
Shrikant
(Associate)
(350 Points)
Replied 05 December 2018
Quorum will be 11 members in this case. But you will also have to go by section 105 of the Companies Act, 2013 alongwith wilth relevant rules which provides for 'Proxies'. A person can act as proxy on behalf of members not exceeding fifty and holding in the aggregate not more than ten percent of the total share capital of the company carrying voting rights. Check the total holding of those 10 corporates and ensure it does not exceed 10% of the total share capital.
kapil gupta
(217 Points)
Replied 05 December 2018
Priya
(Professional)
(117 Points)
Replied 11 December 2018
If in case only 2 members are are present in the meeting one Individual and other representative of a body corporate. This fulfils the minimum quorum requirement. and percentage of shareholding shall be percentage of both the shareholders.
Is this ok?
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