What is an ? Wlre i find why such a statement becomes necessary by Law (Delhi)
Ans. Extraordinary Cenerat M,eeting. All general meetings of other tlnun StatutoryMeethlg and Anrinal Gener alMeetingarecalled
raordinary General Meeting' An Extraordinary General Meeang is ecuired for transacting business of special or extraordinary nature that is Gnus wluicli do not fall wid lin the scope of the amlual general meeting. It -a also held for transacting special business are so urgent that these inn deferred till the next general meeting,
rdinarv general meetings are required for transacting different
Ax: of rosiness. e.g. alteration of the Memorandunn and Articles of . m uheration of the shale capital; reins al of a director from erp office
emery of his term: in short. for transacting any special or urgent gored lobedonebefore the next annual general meeting.
(a) By the Board. The Articlesusually empowerthe Board of Dir to call an extraordinary general meeting, lever it thinks fit, by passing a f ion to that effect at a Bnard meeting. In calling and holding such a tneetiag it has lo abide by the provisions of SectionsCompanies Act relating to holding of general nneetings.
(h) By the Board on Requisition of Me.rnbcrs. Section 169 of the Companies Act alsp cmpo-.vers tile members to requisition or demand the convening of an extraordmary geueral meeting The letter of requisition nr.ust be duly signed by the required number of metnbers and must set out the object for which the meeting is to be called. The requisition must be signed by (i) members holding at least one-tentll of the paid-up capital canying voting power (if the coinpany has a sliare capital): or (ii) members enjoying one-teuth of the total voting power of all members entitled to vote on the matter in view (if rho company has no share capital). The letter of requisition niltst kc deposited at the registered cfiice of the cotnpar.y
On receipt of the requlszlion. the Board of Directors rwst caLl, -within 21 days of the deposit of the requisition, au extraordinary general meeting as per requisition to be held at a date not later than 45 days of th. deposit of the requisition That is, the notice com-er.ing the meeting u ust he the Board within 21 davs and the meeting itseLf nwst be within 45 davs of the deposit of the requisition
(c) Bv the Requisitionist. If the Board failsto ca.1 the meeting . d.aNs gild the meeting is llm l.-ld Thin 45 davs of the requisition, tile reqnisitiouists them,selN es ma call tile meet lrtg within 3 months of the date of requisition. The meeting nniv be called by all the members who signed the letter of requisition as per act or a r ajority of them Such a meeting called by the requisitim lists must be held in the same manner, or as nearly thereto as possible, in which the meeting would have been held by the company, e g., with 21 days' notice and so on The expensive incurred by the requisitionists for holding such a meeting can be recovered by them from the cmnpany. The c on puny in its tunt can recover suchsutll from the directors in default out of sums due or liken to be due to theta.
(d) By the Compani L;nN Board. Under Section IS6 ofthe Companies Act the Company Law Board can also order an extraordinary general meeting to be called, he'd or conducted, if for reason it is not practicable to call or hold such a meeting..The Comp m L.aw Board may pass order for calling such a meeting on its own initiatiN e or on the application of an-. director or any member entitled to vote at the meeting. In its order, the Companv Law Boi rd way give sneh direction for callmg, holding or COT docti, the meeting as it flunks fit, includhlg a diree Iion that even one mer .ber pro sent m person or proxy may constitute the mee;iugn
COMPANY MEETINGS 249
NOTICE OF EXTRAORDiNARY GENERAL MEETING
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