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AGM under companies act stands for Annual General Meeting. An AGM is an interaction between the management and the shareholders of the company. It is a yearly meeting between the Directors and Shareholders of the Company, to discuss the business and to present the company’s annual report.
The Companies Act, 2013 along with the Companies (Management and Administration) Rules, 2014 deals with the Annual General Meeting and it mandates to hold an AGM yearly to discuss yearly results, Auditor’s appointment and other business. Section 96 to 99 of the Companies Act, 2013[1] deals with the provision of AGM under Companies Act.
As per the provisions in section 102 (2) of the Companies Act, 2013, the following businesses may be transacted during an AGM:
Members of AGM have certain rights:
Section 97 of the Companies Act, 2013, if company fails to hold an AGM under section 96 within stipulated time, the Tribunal, may itself or on application by its members or directors ask the AGM to be held.
Who can apply to the Tribunal:
Process to make an application:
Right time to initiate such an application:
As per section 99 of the Companies Act, 2013:
It is now evident that it is necessary to hold an AGM under the companies act once in a year to discuss business. It is one time in a year where management and the shareholders of the company meet. Sections 96 to 99 and 102(2) (a) & (b) of the Companies Act, 2013 deals with provisions of Annual General Meeting.
Read our article: A complete list of Annual Compliance calendar for Listed Companies for FY 2020-21
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