Smriti Technologies Ltd. was incorporated before 9 years. It is being observed that the net worth is eroded by its accumulated losses as at 31-03-2017. However, in relation to general meeting of the company, examine the

CS Professional · Advanced Company Law and Practice · PYQS · December 2017
Smriti Technologies Ltd. was incorporated before 9 years. It is being observed that the net worth is eroded by its accumulated losses as at 31-03-2017. However, in relation to general meeting of the company, examine the powers of the Chairperson to adjourn the meeting suo moto. Referring to the provisions of the Companies Act, 2013, answer the following: (iii) What consequences follow in case the meeting is a requisitioned meeting and the required quorum is not present at the scheduled date and time ?

Answer & Explanation:

If within half an hour from the time appointed for holding a requisitioned meeting, a quorum is not present, the meeting stands cancelled/dissolved. (Section 103(2)(b) of the Companies Act, 2013) The fact of erosion of net worth by its accumulated losses is of no relevance here.

Topics: Meetings and Resolutions

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