Sec 115 states that for removal of director by members... this has to be fulfiled....
--members hold not less than 5 lacs paid up share capital of company or
-- have not less than 1% of voting power
But assume a shareholder have 10 shares of Rs 10 each...... means 1% voting power.... is he eligible to send special notice????
I came through many contraversial answers of the institute too.
suggest the appropriate answer???
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Sec 115 of companies act 2013
Replies (6)
ACCORDING TO SECTION 115 OF THE COMPANIES ACT 2013, A SPECIAL NOTICE IS REQUIRED TO BE SENT BY MEMBERS IN CASE OF REMOVAL OF DIRECTOR OF THE COMPANY PROVIDED MEMBERS SHALL AT LEAST 1% OF THE TOTAL VOTING POWER OR HOLDING SHARES NOT LESS THAN 5 LAKH HAS BEEN PAID UP.ON THE DATE OF NOTICE.
If the total subscribed & paid-up capital of the company consists of 10,000 equity shares, a member holding 100 shares (1% voting power) can send special notice. Where is the dispute?
yes sir
I agree to this.....but i faced different answers
where nothing is given about total no of shares in the question.....just given that a person holds 10 shares of Rs 10 each...is he eligible to send special notice ??
The answer to this was merely 10 shares will not make him eligible to send special notice
what assumption we should take for writing in the exams of ICAI ??
yes sir
I agree to this.....but i faced different answers
where nothing is given about total no of shares in the question.....just given that a person holds 10 shares of Rs 10 each...is he eligible to send special notice ??
The answer to this was merely 10 shares will not make him eligible to send special notice
what assumption we should take for writing in the exams of ICAI ??
In this case you can write in the exam that yes, he can also send special notice provided it amounts to 1% or more of the total voting power.
ok
Thanks Sir
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