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NCLAT held that the quorum for equity shareholders' meeting shall be determined strictly per Section 103 of the Companies Act, including shareholders participating through video conferencing. The tribunal set aside the previous NCLT order's specific quorum requirements, mandating that if the prescribed quorum is not present, the meeting must be adjourned. The decision affirms statutory guidelines for corporate meetings, emphasizing procedural compliance and flexibility in shareholder participation, particularly during pandemic-related restrictions. The appeal was disposed of with directions to follow MCA circular guidelines regarding meeting conduct.
NCLAT held that the quorum for equity shareholders' meeting shall be determined strictly per Section 103 of the Companies Act, including shareholders participating through video conferencing. The tribunal set aside the previous NCLT order's specific quorum requirements, mandating that if the prescribed quorum is not present, the meeting must be adjourned. The decision affirms statutory guidelines for corporate meetings, emphasizing procedural compliance and flexibility in shareholder participation, particularly during pandemic-related restrictions. The appeal was disposed of with directions to follow MCA circular guidelines regarding meeting conduct.
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