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Question
Justify the following statement.
The Quorum for Annual General Meeting of a public company depends upon the number of shareholders.
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Solution
every type of meeting has a specific requirement of quorum. The members those forming the quorum must be present personally. The Companies Act provides a quorum of 2 members for the General Meeting of a private public and 5 members in the case of a public company. As per the new provisions made under Section 103(1) of the Companies Act 2013. the quorum for the meetings of the Public Limited Company is stated in the following table :
Sr. no |
Number of shareholder |
Requisite Quorum |
|
1 |
Up to 1000 |
5 member |
|
2 |
1000 to 5000 |
15 member |
|
3 |
More than 5000 |
30 member |
These members must be personally present at the meeting for discussion, debate and giving opinion and votes for taking decisions on various issues. The Articles of Association may make a separate provision regarding the quorum, but such a provision cannot be less than the minimum prescribed by the Companies Act. From the study and analysis of the above table, it is clear that Quorum for Annual General Meeting of a public company depends upon the number of shareholders. However, proxies are not counted in quorum.
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