Classification of Company Meetings

These flashcards cover key concepts regarding the classification of various types of company meetings, including their nature, purposes, and notice requirements.

What is a Statutory Meeting?

A mandatory meeting convened only once in the lifetime of a public company to provide shareholders with key information regarding the company's incorporation, capital formation, and modifications to contractual agreements.

What is the purpose of an Annual General Meeting (AGM)?

To present and approve the directors’ report, auditors’ report, declaration of dividends, appointment/reappointment of directors and auditors, and determination of their remuneration.

How often must AGMs be conducted?

The first AGM must be held within nine months of incorporation, and subsequent AGMs must be convened annually within six months from the end of the financial year.

What is an Extraordinary General Meeting (EGM)?

A non-periodic meeting convened in exceptional circumstances requiring immediate shareholder intervention to address urgent matters.

When is a Class Meeting held?

It is exclusive to shareholders holding a specific class of shares and is convened to deliberate on matters affecting the rights and privileges of that particular class.

What is the role of a Meeting of Creditors?

To negotiate terms with creditors, approve schemes of arrangement, debt restructuring plans, or settlement proposals, often under the supervision of the judiciary.

How often must Board of Directors Meetings be held?

Board meetings must be conducted at least once every 120 days, with companies typically holding them monthly or quarterly.

What notice is required for a Statutory Meeting?

A written notice of at least 21 days must be issued to all members entitled to attend.

What is the minimum notice period for an Extraordinary General Meeting (EGM)?

A minimum of 21 days' written notice must be provided unless waived by the members.

What is the requirement for a Class Meeting notice?

Notice must be given to all members of the concerned class, specifying the agenda and proposed resolutions.