Provision for “Annual General Meeting” of a Company Under the Indian Companies Act 1956
(1) Meaning and Purpose: Annual General Meeting is a regular meeting of the members of a company which is held annually. This meeting provides an opportunity to the members of the company to review working of the company and express their views on the management of the company. Image Source: interqualityproject.euThe purpose of calling the meeting is to transact the ordinary business of the company. The ordinary business consists of: ADVERTISEMENTS: (a) The passing of the annual accounts,(b) Declaration of dividends,(c) Election of directors in place of those who are retiring by rotation,(d) Appointment and fixation of the remuneration of auditors of the company. (2) Statutory requirement: ADVERTISEMENTS: It is a statutory requirement on every company to call and hold an annual general meeting every year. The first annual general…