What are the different types of meetings in a Company? Explain and discuss the formalities to be fulfilled for such meetings.

Question: What are the different types of meetings in a Company? Explain and discuss the formalities to be fulfilled for such meetings. [BJS 2021]

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Answer

In a company, there are different types of meetings that can be held, each with its own specific purpose and set of formalities that must be fulfilled. These include:

Annual General Meeting (AGM): The AGM is held annually and is mandatory for all companies. The purpose of the AGM is to present the company's financial statements, appoint directors, and transact any other business that may be brought before the meeting. Formalities include giving notice of the meeting to shareholders, preparing financial statements and other reports, and appointing a chairperson for the meeting.

Extraordinary General Meeting (EGM): An EGM is a meeting called outside the usual schedule of AGMs, usually to transact special business that cannot be delayed till the next AGM. Formalities include giving notice of the meeting to shareholders, preparing financial statements and other reports, and appointing a chairperson for the meeting.

Board Meeting: A Board Meeting is held by the Board of Directors of a company, usually on a monthly or quarterly basis. The purpose of the meeting is to discuss and take decisions on the management and administration of the company. Formalities include giving notice of the meeting to the directors, preparing an agenda, and appointing a chairperson for the meeting.

Committee Meeting: A committee meeting is held by the various committees that are set up by the Board of Directors, such as the audit committee, remuneration committee, etc. The purpose of the meeting is to discuss specific matters that fall under the committee's terms of reference. Formalities include giving notice of the meeting to the committee members, preparing an agenda, and appointing a chairperson for the meeting.

Shareholders Meeting: A shareholders meeting is a meeting of shareholders of the company to transact any business that is brought before the meeting by the shareholders. Formalities include giving notice of the meeting to the shareholders, preparing an agenda, and appointing a chairperson for the meeting.

Class Meeting: A class meeting is a meeting of shareholders of a particular class of shares to transact any business that is brought before the meeting by the shareholders. Formalities include giving notice of the meeting to the shareholders, preparing an agenda, and appointing a chairperson for the meeting.

These are some of the different types of meetings that can be held in a company, each with its own specific formalities that must be fulfilled. It is important to comply with the rules and regulations laid down in the Companies Act and the company's AOA while conducting these meetings.

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