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Ordinary Business transacted at an Annual General Meeting
Section 102(2) of the Companies Act, 2013 talks about the businesses
i.e. the matters/items/agendas, which constitute the Ordinary Businesses to be discussed, considered and
approved by the members i.e. the shareholders of a company in the Annual General meeting of that Company.
These businesses are to be
compulsorily dealt in every Annual General Meeting of a Company, and therefore
these are called as ‘Ordinary Business’.
The Ordinary Businesses as prescribed in the Section 102(2) of the
Companies Act, 1956 are as follows:
(i) the consideration of financial statements and the reports of the Boardof Directors and auditors; (ii) the declaration of any dividend; (iii) the appointment of directors in place of those retiring; (iv) the appointment of, and the fixing of the remuneration of, the auditors;
Any businesses except the above 4(four) businesses shall be deemed to be ‘Special Businesses’.
The corresponding provisions for Section 102(2) of the Companies Act, 2013 were earlier prescribed under Section 173(1) of Companies Act 1956.
The provisions of this section is applicable to all companies (both Private and Public Company including Listed company).