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In the world of business, General Meetings play a crucial role in decision-making and governance. It is an essential event for companies, where shareholders and stakeholders come together to discuss important matters. Whether it is the Annual General Meeting (AGM) or an Extraordinary General Meeting (EGM), one of the most important factors to consider in both types of meetings is the notice period. This article explains how much notice a company needs to give for these meetings.
Notice Period of General Meeting
The company has to follow the Section 85 of the Companies Act of 1994 for maintaining the compliance of general meeting notice period. Moreover, the company that is listed in the stock exchange, it needs to also follow Regulation 25 of the Listing Regulations, 2015.
Normal Notice Period of General Meeting
The notice shall be sent 21 days before the scheduled AGM or EGM. The notice of any meeting will be counted once sent 21 clear days before it is due, excluding the day when the notice is served as well as the day the meeting itself is supposed to take place. This gives everyone enough time to receive the notice, review the materials, and prepare for the meeting.
Shorter Notice for AGM
There are provisions for shorter notice periods under certain circumstances. For instance, a general meeting can be called for less than 21 days upon a resolution of all members entitled to vote. In the case where urgent business needs to be transacted at an AGM, the meeting can be convened with less than 21 days’ notice if all the members agree.
Shorter Notice for Other Meetings
Equally, any other meeting – other than the AGM or EGM – may be convened by a shorter notice. If at least 95% of the paid-up share capital (for companies with share capital) or 95% of the total voting power (for companies without share capital) agree to accept a shorter notice, the meeting may be duly called and held by such shorter notice.
The Bottom Line
A notice period before company meetings guarantees everyone enough time to prepare to participate. Through this, companies can conduct orderly and efficient meetings by understanding the standard notice period and exceptions and efficiently.
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