9911796707
TMI Blog2013 (3) TMI 462X X X X Extracts X X X X X X X X Extracts X X X X ..... ing before the Court and CLB, it has not been possible for the company to hold its AGMs for the financial years ended 31.3.2009 onwards. Held that:- In the facts and circumstances of the case, the respondent-company is directed to call and hold the Annual General Meetings for the years ended 31.03.2009, 31.03.2020 and 31.03.2011, within 31.08.2012, in accordance with the provisions of the Artic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s under statutory obligation to comply with the mandatory provisions of the Act 3. Briefly, the petitioners' case is that the petitioners are Directors and major shareholders of the respondent-company holding shares which constitutes 51% of the total issued capital of the company; while the other group of shareholders holds 49%. By reason of the disputes and differences between two groups of sha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h directions upon ROC WB not to institute any criminal proceedings against the Petitioners in respect of the charges indicated in the show-cause notices dated 09.08.2010 and 18.03.2009 subject to payment of costs. The Petitioners have stated that, the annual accounts are ready which are required to be laid and adopted by the shareholders at the AGMs for the years ended 31.03.2009, 31.03.2010 and 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Act, in the present case, the company is a private company limited by shares, having a few shareholders, Infighting between two groups of shareholders led to defaults in holding AGMs and other statutory compliance. The provisions of section 167 of the Companies Act 1956 explicitly empowers the Company Law Board to call or direct the calling of, a general meeting of the company and give such anc ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
