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of <h1>Companies Act Section 188: Procedure for Circulating Members' Resolutions and Penalties for Non-Compliance Explained</h1> Section 188 of the Companies Act, 1956 outlines the procedure for circulating members' resolutions. A company must notify members of proposed resolutions for the annual general meeting if requested by members holding at least one-twentieth of voting power or 100 members with a minimum shareholding. The requisition must be submitted in writing and accompanied by funds to cover expenses. The company is not required to circulate resolutions if they are deemed defamatory or harmful, especially in banking contexts. Non-compliance by company officers can result in fines up to fifty thousand rupees.
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