You are correct that Section 96(2) of the Companies Act, 2013 provides for the time and place for holding the Annual General Meeting (AGM) of a company. However, in the case of Extraordinary General Meetings (EGMs), the Companies Act, 2013 and the applicable rules do not provide any specific provisions with regard to the time, day, and place of holding the EGM.
Section 100 of the Companies Act, 2013 provides that the Board of Directors of a company may, whenever it deems fit, call an EGM, and the provisions of the Act and the articles of the company shall apply to such meetings as they apply to the AGM. Similarly, Section 101 provides that an EGM may also be called by the requisitionists under certain circumstances.
Rule 17 of the Companies (Management and Administration) Rules, 2014 also does not provide any specific provisions regarding the time, day, and place of holding an EGM. However, it provides for the manner in which the notice of the meeting should be given, the contents of the notice, and the time period for giving the notice.
Therefore, it is generally left to the discretion of the Board of Directors to determine the time, day, and place of holding an EGM, based on the circumstances and the urgency of the matter to be discussed in the meeting. The notice of the meeting should be given in accordance with the provisions of the Companies Act, 2013 and the applicable rules, and it should clearly specify the time, day, and place of holding the meeting.
As per Secretarial Standard on General Meetings (SS-2), issued by the Institute of Company Secretaries of India (ICSI), the notice of an EGM should specify the date, day, and time of the meeting, and the same should be held during business hours, that is, between 9 a.m. and 6 p.m. on any working day that is not a National Holiday.
However, if the Board of Directors deems it necessary to hold the meeting at a place other than the registered office of the company, the notice should specify the complete address of the place where the meeting is to be held.
Therefore, the Secretarial Standard on General Meetings does not provide any specific provisions with regard to the time, day, and place of holding an EGM, but it requires that the notice of the meeting should specify the date, day, and time of the meeting and the complete address of the place where the meeting is to be held, if it is to be held at a place other than the registered office of the company.
Hello Everyone
If the company was incorporated in March 2023 in Canada by an Individual resident of India, due to non-approval of ODI, no remittance is yet made.
Please advise whether that resident individual needs to file his FLA due in July.
Dear All,
If an entity has not received any inward FDI / made overseas investments in the latest FY, do they need to submit the FLA return?
Hello Professional
Is a Section 8 company required to seek permission from Central
Government (“RD”) for alteration of its articles of association
prior to getting the same approved by the members by means of
special resolution in the general meeting?
Hello Professionals
What do you mean by ‘Companies with charitable purpose’ (Section 8) under the Companies Act, 2013? What are the conditions for the issue & revocation of the license of such a company by the Government?
Hello Professionals
In the case of an overseas subscriber and director, is the documents required to be notarised and apostilled for incorporation of a company?
Hello Professionals
What are the minutes of a board meeting, and how should they be maintained?
Hello Professionals
In the case of an overseas subscriber and director, are the documents required to be notarised and apostilled for incorporation of a company?
Hello Professionals
In terms of Section 73 of the Companies Act, 2013 read with Rule 2(1)(c)(vii) of Companies (Terms and conditions of acceptance of Deposit) Rules, 2014, deposits do not include receipt of money from Director of the Company, but the money received from a member is treated as a deposit. In case the deposit is taken from a person who is both a director and a member of the Company, will such receipt of money be treated as a deposit or not?
Hi Mahima
As per draft Secretarial Standard on General Meetings (SS-2), general meeting (including EGM) shall be called during business hours i.e. between 9 a.m. and 6 p.m. and on a day that is not a National Holiday. A meeting called by the requisitionists shall be convened only on a working day. Annual General Meetings shall be held either at the registered office of the company or at some other place within the city, town or village in which the registered office of the company is situated whereas other general meetings may be held at any place within India. As per explanation to Rule 17(2) of Companies (Management and Administration) Rules, 2014. a meeting called by the requisitionists shall be held either at the registered office of the company or at some other place within the city, town or village in which the registered office of the company is situated.