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Kinds of Meetings in a Company in Company Law & Otherwise

Background

Every company has its stakeholders, who are the individuals and organisations, having a direct or indirect interest in the operation and continuation of the company.

These stakeholders are mainly the shareholders, employees, senior management, bankers, other financial institutions, government, customers, suppliers, contractors, communities, etc.

In order to bring a harmony between these stakeholders and the company, there must be conducted some meetings between them from time to time to establish a better communication and resolve issues.

Though most of the meetings held between these stakeholders and the company are arranged depending upon the requirements or emergencies at any point of time, however, some of the kinds of meetings are held due to the compulsion prescribed under the company law.


Kinds of Meetings in Company Law 

• Meetings of the Board of Directors;
• Meetings of the Committees of the Board of Directors;
• General Meetings of the Members/ Shareholders;
  . Annual General Meeting (AGM),
  . Extraordinary General Meeting (EGM),
  . Class Meeting;
• Meetings of the Debenture Holders;
• Meetings of the Creditors and Contributories
  . In case of winding up;
  . In any other cases.


Other Important Meetings

• Bankers Meeting (including Consortium meetings with Bankers);
• Clients/ Customers Meeting;
• Investors Meeting;
• Employees Meeting (generally happens once in a year);
• Suppliers / dealers / distributors / agents Meeting;
• Inauguration Meeting (foundation day celebration).


Quorum

Here, it is pertinent to note that some of the kinds of meetings (esp. meetings under the company law) does require a quorum (presence of the minimum number of persons for the meeting) to be considered that meeting as a valid meeting.

Generally, in the cases of "Other Important Meetings" as mentioned above, it may not be required for the quorum to be present. However, under an agreement or a special understanding a quorum limit can also be fixed for such kinds of meetings as well as mutually agreeable.


Notices

Prior notice of the meeting scheduled to be held should be served well in advance to make it convenient for attendees to plan for it accordingly.

A notice of the meeting contains the date of the meeting, time, venue, items of agendas to be discussed and in some cases the names of the guests and attendees names or categories.

Under the company law provisions, the minimum number of days in advance for serving the notice is prescribed and in some cases the maximum gap between two meetings is specified.


Minimum Number of Meetings

In company law, in cases of certain kinds of meetings like board meetings, the minimum number of times the meeting has to be held during the year is also specified. Violation of which will attract penalty on the company.

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