Companies Act 2013 — AGM & General Meetings Quiz
Case Scenario II — Zed Technologies Limited
Zed Technologies Limited is a public company having an authorised share capital of ₹ 10 crore and a paid-up share capital of ₹ 5 crore, divided into 50 lakh equity shares of ₹ 10 each. The company has 2,300 equity shareholders, each holding equal voting rights.
At a meeting of the Board of Directors held on 1st June, 2024, the Board resolved to convene the Annual General Meeting (AGM) of the company on 25th June, 2024 at 11:00 a.m. at the registered office of the company.
Pursuant to the Board resolution, the company sent the notice of AGM on 3rd June, 2024 to all members, directors and auditors through electronic mode. The notice stated the day, date, time and place of the meeting and the business to be transacted. The subject line of the e-mail mentioned the name of the company, type of meeting, place and date of the meeting. The notice was also placed on the website of the company.
The agenda of the AGM consisted of ordinary business and a special business relating to approval of a related party transaction with Alpha Systems Private Limited. One of the directors of Zed Technologies Limited held 1,50,000 equity shares of ₹ 10 each in Alpha Systems Private Limited, whose paid-up share capital was ₹ 5 crore (50,00,000 equity shares of ₹ 10 each).
On 25th June, 2024, the AGM was called to order at 11:00 a.m. By 11:30 a.m., 16 members were personally present. The notice of AGM contained a statement informing members of their right to appoint a proxy.
- 42 members, holding in aggregate 3,80,000 equity shares, appointed the same person as proxy.
- One shareholder holding 6,00,000 equity shares appointed a single person as his proxy, who did not act as proxy for any other member.
- The proxy forms were submitted in Form MGT-11 and deposited at the registered office at 10:30 a.m. on 23rd June 2024.
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