Tlte rrain Pnrpose of me Statmor. ?.feebng is to consider and adopt the statutory rep rt and .natters arising from it No other bttsiness can be taken up at tnis n.eet Pa nr'ess credo ts naive has been given Sothe notice of the meeing usnalh refers lo the -To consider and adopt the Sntutcr Report ar.d any other mzn-rthat mav be considered at such mee ing A more derailed agenda ma: aLsc be given referr ng to the order is wh h the dufferert item- cf business are to be taken up including therein any other business it ,. approval of of any contract stated in the statutory report I notice is given the notice giies the agenda briellN the secretary usuallv prepares a separate Agenda Paper-giving the detailed agenda for the use of the Cl airman amd hintself
Statutory Repol t. Section 165(2) of the Companies Act also requires the directors to send a report, called tile Statutory Report, to all members along with the notice of the statutory meetrrat least 21 days before the date of the meeting if the statutory report is fonrarded to members at a later date thall required by Lm I e, after the notice has been sent, be treated to have been duly all the members entitled to attend ote at the meeting agree to it The Act specifically lays-down the particulars that must be set outitn the depart to enable the tnembers to get all the necessary relating to Connation. financial position, etc. The feport must be certified by hvo or more directors including the rnanaging director, if there is one
Conseqnenct s of If a company makes default in holding the Statutory Meeting within the prescribed period or in issuing and filing the Statutor Report according to the previous of Sec. 165 of tile Act, even director or other erp officer of the comp y in default will be liable to pay fine which may extend to Rs 500 (Sect IG5) 1 40reover my member of the company may file a petition in the Court for the compulsory windir g up of the company, after the expirv of 14 days fron the date on vl:icll the statutory meeting was to be held Sec 439 (7)] A ter giving the contpamreasonable opportunity to make representation for the default. the Court mav direct the connpanm to hold the statutory meeting and issue and file the statutory report on or before a prescribed date or tlie Court tutu decide to pass order for the comipulson winding up of the compa