TMI Blog2017 (8) TMI 133X X X X Extracts X X X X X X X X Extracts X X X X ..... sion of the Companies Act to protect the functioning as well as the interest of the Company. Therefore, it is always desirable to convene and call all the meetings as prescribed under the Act so that the Company should not infringe the provisions of the Act or to be treated in default. Holding of AGM is a statutory obligation. - Company Petition No. 1/167/NCLT/AHM/2016 - - - Dated:- 20-1-2017 - Shri M. K. Shrawat Member (Judicial) For Mr. S. Suriyanarayanan, Advocate ORDER At the outset, it is worth to mention that Ld. Advocate Mr. S. Suriyanarayanan appeared and stated that in a situation when the disputes among the parties have already settled, then the only issue of holding of Annual General Meeting can be decided under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orresponding Section 166(1) of the Companies Act, 1956), the Respondent Company is required to hold its Annual General Meeting every year and within fifteen months from the date of the last Annual General Meeting of the Company. The Respondent Company held its last Annual General Meeting on 30 th September, 2014 and as per the requirement of the aforesaid provisions of the Act, the Respondent Company should have held its Annual General Meeting on or before 30 th September, 2015. But to the best of information of the petitioner, till date the Respondent Company has not held any Annual General Meeting for the year 2015 although fifteen months have elapsed on 30 th December, 2015computed from the date of the last Annual General Meeting hel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mediation centre of resettlement of their dispute and Shri Chandrashekhar Gupta agreed to withdraw the O.J. Appeal. However, it is seen that the said O.J. Appeal is still pending before the Hon ble High Court of Gujarat. Because of the disputes about audit of accounts, etc. raised by then Director Shri Chandrashekhar Gupta and pending Company petition and subsequent O.J. Appeal , the Annual General Meeting for 2015 could not be convened and held as per time limits. (iv) Because of hurdles by the erstwhile Director Shri Chandrashekhar Gupta, audit could not be conducted and AGM during 2015 could not be held. Shri Chandrashekhar Gupta has since resigned from directorship of Respondent Company on 28 th June 2016 in terms of settlement e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f, an annual general meeting of the company and give such ancillary or consequential directions as the Tribunal thinks expedient: Provided that such directions may include a direction that one member of the company present in person or by proxy shall be deemed to constitute a meeting. (2) A general meeting held in pursuance of sub-section (1) shall, subject to any directions of the Tribunal, be deemed to be a n annual general meeting of the company under this Act. 7. On due consideration of totality of the facts and circumstances of the case, in the light of the provisions of the Companies Act, 2013 as also the submissions made by the Ld. Representative, I hereby consider that this is a fit case to exercise the powers ..... X X X X Extracts X X X X X X X X Extracts X X X X
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