A meeting may be generally defined as a gathering or assembly or getting together of a number of persons for transacting any lawful business. For proper working of the company, it is necessary that the shareholders meet as often as possible and discuss matters of mutual interest and take important decisions, there must be at least two persons to constitute a meeting.
Every public company limited by shares or limited by guarantee and having a share capital must hold a general meeting of the members of the company which may be called the statutory meeting. It is to be convened after not less than one month but within six months from the date at which the company is entitled to commence business.
A meeting held prior to the statutory period of one month from the date of entitlement of a company to commence business cannot be called the statutory meeting. The statutory meeting is held only once in the lifetime of a company.
Objectives of Statutory Meeting are:
The statutory meeting is held to inform the shareholders about matters relating to incorporation, allotment of shares, the details of the contracts concluded by the company, etc.
Statutory meeting is convened in order to afford the shareholders an opportunity for seeing what degree of success has attained the floatation of the company and in order that any special matters requiring their approval may be laid before them.
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Objectives of statutory meeting as per companies Act.
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