Question

Distinguish between the following

Annual General Meeting and Extra ordinary General Meeting.

Answer 1

Sr no	Annual general meeting	Extra ordinary general meeting
1	A General Body Meeting of all the shareholders Which is held once in every calendar year as per the provision of Section 96 of the Companies Act, 2013, is called Annual General Meeting.	A General Body Meeting of all the shareholders of a company which is held in between two consecutive Annual General Meetings to discuss and decide urgent matters as per Section 100 of the Companies Act 2013, is called Extraordinary General Meeting
2	The purpose of this meeting is to review the working of the company during the previous financial year, to approve the final accounts, to declare dividends, to elect Directors, auditors and to transact special business, if any.	This meeting may be held to transact and decide any urgent and special business or matters which cannot be postponed till the Annual General Meeting.
3	This meeting is held every year within 9 months of closing of the financial year. The gap between two Annual General Meetings should not exceed 15 months.	This meeting is held in between two consecutive Annual General Meetings. It can be held any number of times depending on the urgency and requirements
4	This meeting is convened by the Board of Directors. The Central Government can call this meeting on application received from the members of the company.	This meeting can be convened by (i) the Board of Directors itself (ii) the Board of Directors on requisition of members (iii) the requisitionists themselves and (iv) the National Company Law Tribunal.
5	This meeting is held: (i) to approve annual accounts, Directors, report and auditors’ report (ii) to appoint Directors and auditors (iii) to declare dividend.	This meeting is held : (i) to alter the clauses of Memorandum of Association (ii) to alter Articles of Association (iii) to remove Directors before the expiry of their term (iv) to dissolve the company voluntarily.
6	In case of default in holding the meeting, every officer concerned of the company is punishable With a tine which may extend to Rs 1,00,000 and a further a fine of f 5.000 per day till the default continues.	If the Directors fail to hold this meeting on requisition, the requisitionists themselves can hold it and recover the expenses of holding such meeting from the company.