Question

Briefly state different types of company meetings.

Answer 1

A Company can convene meetings to discuss the performance of the company and also take decisions. Under the Companies Act 2013, company meetings may be classified as below:

(1) Meetings of Shareholders: The meeting held for the shareholders of the company is a shareholders meeting. This may be divided as follows:

• Statutory Meeting: Every public company should hold a meeting of the shareholders within 6 months but not earlier than one month from the commencement of the business.
• Annual General Meeting: Every year a meeting is held to transact the ordinary business of the company. It is called the annual general meeting.
• Extra-Ordinary General Meeting: If any meeting conducted in between two annual general meetings to deal with some urgent or special or extraordinary nature of business is called an extraordinary general meeting.

(2) Meeting of the Board of Directors: To decide policy matters of the company, the board of directors meets frequently, which is known as the meeting of the board of directors.

• Board Meetings: Meetings of the directors are called board meetings. It may be convened to discuss the business and take formal decisions.
• Committee Meetings: Every listed company and every other public company having a capital of? 10 crores are required to have an audit committee. The meeting held by this committee is known as committee meetings.

(3) Special Meeting:

• Class Meeting: Meetings held by a particular class of share or debenture holders is known as Special or Class meeting, e.g. preference shareholders or debenture holders meeting.
• Meetings of the Creditors: These are not meetings of a company. Meetings held with the creditors to discuss any crisis about the financial matters.