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Is it AGMs or AGM's

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Anonymous

12y ago
Updated: 8/20/2019

Assistant General Manager

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12y ago

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What are the key post-incorporation compliances for a private limited company in India?

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What is the Difference between annual general meeting and extraordinary meeting?

• Annual general meetings (AGMs) are a part of the normal financial calendar for all limited companies and take place on the occasion of the year-end results presentation and the publication of the annual report. • Extraordinary general meetings are called to discuss strategic and other issues with shareholders outside the normal financial calendar. Purposes Both types of meetings are formal meetings between company directors and the shareholders of the company. They typically involve presentations by the board (typically the chairman and/or CEO) and a chance for shareholders to question the board. AGMs The AGM is a formal part of a company financial year. Its purpose is to allow the board to present the year's results, discuss the outlook for the coming year, present the formal, audited accounts and to have the final dividend and directors' emoluments approved by shareholders. Shareholder approval is signalled by the passing of resolutions in which shareholders vote in proportion to their holdings. It is usual for the board to make a recommendation and then seek approval of that recommendation by shareholders. The dividend per share, for example, is recommended by the board but only paid after approval by the shareholders at the AGM. Institutional shareholders may employ proxy voting if they are unable to attend in person. EGMs Extraordinary meetings are called when issues need to be discussed and approved that cannot wait until the next AGM. A full year can be a very long time. In some business environments when events necessitate substantial change or a major threat, an EGM is sometimes called. Management may want a shareholder mandate for a particular strategic move, such as for a merger or acquisition. Other major issues that might threaten shareholder value may also lead to an EGM such as a 'whistleblower' disclosing information that might undermine shareholders' confidence in the board of directors.


Can the Annual General Meeting of a closely held Private Ltd. be held outside India?

As per Section 166(1) of the Companies Act 1956 (CA) every company shall in each year hold in addition to any other meetings a general meeting as its annual general meeting and it must be held either at the registered office of the company or within the city, town or village in which the registered office is situated.However, as per clause (b) of second proviso to Section 166(2), a private company, which is not a subsidiary of a public company can fix the place for all its AGMs by its articles or by a resolution passed in an AGM or by a resolution agreed to by all the members of the company, i.e. by unanimous consent of all its members. This resolution need not be passed by holding a general meeting of the company it is required to be "agreed to" by all the members of the Company. Such a resolution can be passed by obtaining individual consent of each member without holding a meeting.Thus, a private limited company, which is not a subsidiary of a public company may, by any of the three methods, decide to hold its AGM at any place in the world.


How do you chair an AGM?

(Note: this applies to fairly informal community-run committees like creche or kindergarten committees. The chairperson is usually the president in such instances. For more formal AGMs I suggest you look elsewhere.)The chairperson declares the meeting open, welcomes guests and members and accepts the apologies.The Secretary reads the minutes of the previous AGM (not the previous committee meeting) - sometimes these are just distributed beforehand for people to read. They must then be confirmed with a motion, and seconded - then a vote taken. For example, person A says "I move the adoption of the minutes of the 2008/09 Annual General Meeting" and person B says "I second that motion".If there is any business arising from the minutes of the previous AGM it is then dealt with. Any correspondence for the AGM is read and dealt with (other correspondence is held over until the next committee meeting). Note: there is rarely any business arising or correspondence at AGMs - such things have generally been resolved in the previous year!The President then presents his/her annual report, which briefly covers the year's achievements and results. The report is adopted in the same manner (one person moves, and another seconds - these people can be pre-arranged so they might say something nice about the report and/or the work of the president/committee).The treasurer then presents the annual financial statement. The treasurer then says, "I move that this annual financial report be received and adopted". Someone seconds this motion (and if pre-arranged, might say something nice about the treasurer's work).The next step is election of office bearers. If the president is likely to continue, he/she should have someone else chair this part of the meeting. The (new) chair then declares all positions vacant. If there is more than one nomination for any position, a secret vote will take place (generally though, those in the running might leave the room so that a show of hands can be counted). Sadly, it is more usual that members are being begged and coerced into joining the committee so voting is fairly rare in my experience! After declaring the results, the new president, vice-president, secretary, treasurer and committee members are installed - the guest chair vacates the seat and the new chairperson (usually president) runs the remainder of the meeting.If there is a guest speaker, the chair will then introduce him or her and they will speak next. A pre-arranged person will thank the guest speaker at the conclusion of their speech (and present a gift if appropriate).The chair then wishes the new committee well and declares the annual general meeting closed.


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Following are some important features of One Person Company in India:1. Simple Succession:Despite the fact that the company’s everyday operations are managed by a single person, OPC offers opportunities for e?

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