When requistionist can themselves call EGM?
I have little bit confusion while studying this section.
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sec 169(6)
Replies (2)
u just tell na
what is the confusion?
Any one or more of the requisitionist(s) satisfying the following criteria can himself/themselves hold an EGM.
A) In case of a company having a share capital :
Condition - Representing a majority in value i.e. 51% (or more) of the paid-up share capital held by the requisitionist(s) OR Representing 10% (or more) of the paid-up share capital of the company carrying voting rights in regard to the subject-matter of the resolution which is intended to propose at the requisitioned meeting, whichever is less
B) In the case of a company not having a share capital
Condition: - Representing 10 % (or more) of the voting power in regard to the subject-matter of the resolution which is intended to propose at the requisitioned meeting.
A meeting called by the requisitionist(s) himself/themselves must be called in the same manner, as nearly as possible, as that in which extraordinary general meetings are called by the Board of directors.
WHEN REQUISITIONIST CAN THEMSELVES CALL EGM, depends on circumstances of each cases. On the basis of decided case, it was held that, requisitionist can call EGM ,
1. When Board of a company wrongfully refused to convene a meeting
2. Removal of existing directors.
3. Recovery from the chairman of money alleged to have been lost to the company by reasn of illegal increase in the number of members.
Hope your confusion is removed.
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