Pooja (Professional) 03 December 2018
Does a person should not act as proxy for more than 10 % of the Total Shareholding or voting rights. or this condition is fulfilled only if the proxy is for more than 50 members?
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kapil gupta 03 December 2018
Both the condition need to be fulfilled simuntaneously
A person can't be appointed as proxy of more than 50 members and holding not more than 10% of total shareholding carrying voting rights.
Eg. Mr.A has been appinted as proxy of 40 members and holding 10% voting rights then he cant be further hold proxy for balance limit (i.e 50)
And a member holding more than 10% voting rights can appoint a person as proxy provided he shall not act as peoxy for any other member