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whether EGM to be conducted?

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whether EGM to be conducted?

Postby esha garg » Fri Jul 31, 2009 3:17 pm

Hello frnz,

ours is Pvt Company coming up with Bonus Isuue.
My query is, whether there is any need to convene EGM, as our Articles are silent over Reg 96&97 of Table A. Nothing is mentioned in article whether these regulations are excluded or not.

Thanks & Regards
esha garg
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Re: whether EGM to be conducted?

Postby Malav Shah » Fri Jul 31, 2009 3:47 pm

Incase your Articles are silent, then better to get the approval of Members in the EGM to avoid any objections. Since your company is a pvt. co., you can easily have a General meeting.

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Re: whether EGM to be conducted?

Postby pca » Sat Aug 01, 2009 1:28 pm

If your Articles have not specifically excluded Table A completely or regulations 96 and 97 specifically, these provisions will be applicable to you as provided in Section 28(2) and you will have to pass shareholders' resolution for the same.

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Re: whether EGM to be conducted?

Postby amarkakaria » Wed Aug 05, 2009 5:03 pm

I agree with above mentioned views.

Since there is no provision with respect to bonus issue in your Articles, approval of shareholders in EGM would be necessary. However, you may complete this formality during AGM in the next month, if possible.
Warm Regards,
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Re: whether EGM to be conducted?

Postby pulak » Mon Jan 25, 2010 7:06 pm

A Pvt Ltd company hold Board meeting on 25.04.2008 calling EGM on 05.06.2009 for approving issue of bonus shares. The meeting was duly held. The Board does not take any step to issue bonus shares in the next three Board meeting. But on 25.03.2009 another Board meeting was held and the Director approved issue of bonus shares.

Is the Directors action legal? Please give your views.
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