Company Meetings 📋
Definition: A meeting is a gathering of members/directors to discuss company matters and pass resolutions(decisions making decisions).
Importance: Major decisions require formal meetings (Not WhatsApp groups!).
Requisites (Essential Requirements) of a Valid Meeting 📝
For a meeting to be legally valid:
- Proper Authority: Called by competent person (Board/Requisitionists).
- Proper Notice: Written notice with date, time, venue, agenda.
- Proper Time & Place: During business hours, accessible venue.
- Quorum Present: Minimum number of members required.
- Chairman: Meeting must be presided over by chairperson.
- Conduct: As per Companies Act and Articles of Association.
- Minutes: Written record of proceedings.
Loading note…
Types of Company Meetings 🏢
1. Shareholders' Meetings
- Statutory Meeting: First meeting after IPO (only for public companies) - Now ABOLISHED (from 2015).
- Annual General Meeting (AGM): Every year, within 6 months of financial year end.
- Extraordinary General Meeting (EGM): For urgent matters, can be called anytime.
2. Board Meetings
- Meeting of directors only.
- At least 4 times a year (gap ≤ 120 days).
- Quorum: 1/3rd of total directors or 2 directors (whichever higher).
3. Class Meetings
- Meeting of holders of a particular class of shares (e.g., Preference shareholders).
Who Can Call Meetings? 📞
| Meeting Type | Who Can Call |
|---|---|
| AGM | Board of Directors (mandatory). |
| EGM | Board, OR Requisitionists (10% shareholders), OR Tribunal. |
| Board Meeting | Chairman, MD, or any 2 directors. |
Notice Period ⏰
| Meeting Type | Minimum Notice |
|---|---|
| AGM | 21 days (clear notice). |
| EGM | 21 days (Can be shorter with 95% consent). |
| Board Meeting | 7 days. |
Clear Notice: Excludes day of sending AND day of meeting. Example: Meeting on 30th. Notice sent on 1st. Clear days = 8th to 29th = Valid if ≥ 21 days.
Quiz Time! 🎯
Loading quiz…
💡 Final Wisdom: "Meetings are democracy in action. Proper notice, quorum, and minutes ensure fairness and transparency!" 🗳️
Next up: Notices, Proxies, Agenda & Quorum - The mechanics! 📄