For the appointment of aperson as a proxy, will the share capital held by him effect the validity of him being a proxy
EX- Mr. X holds 6% of share capital
Mr. Y holds 1% of share capital
Mr. Z holds 5% of share capital
Mr. P holds 4% of share capital
X, Y and P wants to appoint Mr. Z as proxy
Is this proxy valid??
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validity of a proxy
Replies (3)
a proxy need not to be a member of a company. it may be noted that a person can act as proxy on behalf of not more than 50 and holding share capital not exceeding 10% of the total share capital. in your case, X, Y and P is holding more than 10% then z cant be appointed as a proxy
What if Mr . X and Mr. Y appoint Mr. Z as proxy. Is it valid? Becoz Mr. Z is already holding 5%
this qualification is regarding members who are appointing proxy and they can appoint Mr. Z because Mr. Z will hold proxy for X and Y and for himself he will attend meeting in their personal capacities
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