Requirement of passing special resolution for appointment of auditor by company in which shareholding, exceeding 25 per cent of subscribed capital, held by public institutions, etc.
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Significant public shareholding requires a special resolution for auditor appointment, material date is the general meeting. The material date for triggering the requirement of a special resolution for auditor appointment is the date of the annual general meeting at which the resolution is to be passed. If shareholding changes between issue of notice and the meeting, the company may either adjourn and reissue notice to pass the special resolution, or omit/pass over the agenda item, in which case the statutory alternative procedure will apply.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Significant public shareholding requires a special resolution for auditor appointment, material date is the general meeting.
The material date for triggering the requirement of a special resolution for auditor appointment is the date of the annual general meeting at which the resolution is to be passed. If shareholding changes between issue of notice and the meeting, the company may either adjourn and reissue notice to pass the special resolution, or omit/pass over the agenda item, in which case the statutory alternative procedure will apply.
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