Calling of extra ordinary general meeting Section 100

Posted on 17-04-2016        By ADMIN

Calling of extra ordinary general meeting  Section 100

Section 100 of the Companies Act, 2013 provides that Board may call an extra-ordinary general meeting (EGM) whenever they deem it fit. They may also call EGM on the requisition of shareholders carrying at least 1/10th of paid up share capital or 1/10th of voting power. The requisition shall set out matters for which the meeting is called and be sent to the registered office. The Board has to within 21 days of the receipt of the requisition call an EGM not later than 45 days. If the Board fails to call the EGM in the time period provided then the requisitionists may call an EGM themselves within 3 months from the date of requisition. 

Any reasonable expenses incurred by the requisitionists in calling the EGM shall be reimbursed to the requisitionists. Such amount of reimbursement shall be deducted by the company from any fee or remuneration payable (according to section 197 of the 2013 Act) to the directors who defaulted in calling the EGM. 

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