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of <h1>Special Resolution Required for Auditor Appointment in Companies with 25% Shares Held by Public Financial Institutions or Banks.</h1> According to a circular dated December 12, 1974, regarding Companies Law, a special resolution is required for appointing or reappointing an auditor in companies where 25% or more of the subscribed share capital is held by public financial institutions or nationalized banks. The circular clarifies that shares held by a nationalized bank, whether beneficially or as security for loans, must be considered if the bank's name is entered in the company's register of members. This holding is relevant for calculating the 25% threshold under section 224A.
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