CA Intermediate · Corporate and Other Laws · Management & Administration
Sundaram Textiles Ltd., an unlisted public company, has 300 members. The Board wants to hold its annual general meeting at a place within the city where the registered office is situated, on a working day, during business hours. Under the Companies Act, 2013, what is the legal position regarding the time and place of the AGM of such a company?
An AGM of a company must be called during business hours (9 a.m. to 6 p.m.) on a day that is not a National Holiday, and held at the registered office or another place within the same city, town or village where the registered office is situated.
- AThe AGM may be held on any day including a national holiday, at any place in India
- BThe AGM must be held during business hours, on a day that is not a National Holiday, at the registered office or another place within the city, town or village where the registered office is situatedCorrect
- CThe AGM must always be held only at the registered office and nowhere else
- DThe AGM may be held outside India if a majority of members agree
Explanation
For a company other than a government company, the AGM must be called during business hours, i.e. between 9 a.m. and 6 p.m., on a day that is not a National Holiday, and held either at the registered office or at some other place within the city, town or village where the registered office is situated. Option C is too narrow because another place in the same city, town or village is allowed.
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