When I was scripting a proceeding to be held in an extraordinary general meeting, I faced a question of whether proposing or seconding a resolution is required. My answer was NO unless an amendment to the motion is moved. Before reading further, my readers may check legal provision for the moving and passing a resolution under the (Indian) Companies Act, 2013.
Indian E – voting Rules were under criticism from various quarters of corporate world since. Their application has been postponed some point of time. Now, the Rule 20 of the Companies (Management and Administration) Rules 2014 has been substituted by the Companies (Management and administration) amendment Rules, 2015. We have discussed, original Rules related voting through electronic Means earlier here.
These rules will come into force from the date of publication of these rules in official gazette i.e.
The provisions of this rule shall apply in respect of the general meetings for which notices are issued on or after the dale of commencement of this rule. [Rule 20(1)]
Posted in Chapter VII – CA2013, Companies Act 2013, CorpGov, Governance and Responsibility
Tagged E – Voting, General Meeting, India, MCA, Ministry of corporate affairs, Registrar of Companies, Resolution, The Companies (Management and Administration) Amendment Rules 2015, The Companies (Management and Administration) Rules 2014, The Companies Act 2013
The Companies Amendment Bill 2014 has been introduced and passed in Lok Sabha recently. This blog post has intention to analyse proposed changes in the Companies Act 2013.
Most important massage, this amendment prepares a best case for drafting skill development programmes in India. I am reading here this Bill clause by clause. This will be a three part series and part 1 of 3 is present here.
To amend clauses (68), (71) of Section 2 and Section 11 of the said Act to omit the requirement for minimum paid-up share capital [Clause 2 and 4 of the Amendment Bill]:
Posted in Chapter I - CA2013, Chapter II - CA2013, Chapter V - CA2013, Chapter VII – CA2013, Companies Act 2013, CorpGov, Governance and Responsibility
Tagged Common Seal, Companies Act 2013, Corporate Law, deposits, India, Ministry of corporate affairs, Private Company, Public Company, Registrar of Companies, Resolution, The Companies Amendment Bill 2014
There are certain resolution and agreement which are important to have a public notice. Section 117 of the Companies Act lay downs provisions.
A copy of every resolution and agreement in respect of certain matters together with the explanatory statement annexed to the notice calling the meeting shall be filed with the Registrar with thirty days of passing or making.
Section 115 of the Companies Act 2013 requires certain business to be transacted in general meeting only after a special notice of the resolution.
There are certain businesses under the Act and may be some additional businesses in the articles of the company, which requires special notice for resolution. The notice of the intention to move such resolution shall be given to the company by prescribed number of members holding not less than one percent voting power or holding shares of paid – up value of five lakh rupees. On receipt of such notice from these members, the company shall give notice in prescribed manner to its members.