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Statutory meeting must be held not later than _____________from the date on which a public company is entitled to commence business
- a)3 months
- b)6 months
- c)1 year
- d)One month
Correct answer is option 'A'. Can you explain this answer?
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Statutory meeting must be held not later than _____________from the da...
Statutory meeting for Public Companies
According to the Companies Act, 2013, a public company is required to hold a statutory meeting, which is a meeting of the members of the company, within a certain period of time. Let's understand this requirement in detail:
Definition of Statutory Meeting
A statutory meeting is the first meeting of the members of a public company, held once in the company's lifetime, to discuss the company's affairs and financial position.
Time period for holding Statutory Meeting
The Companies Act, 2013, mandates that a public company must hold its statutory meeting not later than three months from the date on which the company is entitled to commence business.
Calculation of the time period
The time period of three months is calculated from the date on which the company is entitled to commence business, which is the date of issue of the certificate of incorporation.
Consequences of non-holding of Statutory Meeting
If a public company fails to hold its statutory meeting within the prescribed time period, it will be considered as a default, and the company and its officers will be liable to pay a penalty. In addition, the company will not be able to commence any business until the statutory meeting is held.
Conclusion
In conclusion, a public company must hold its statutory meeting within three months from the date of issue of the certificate of incorporation. This meeting is essential to discuss the company's affairs and financial position and non-holding of the same will lead to a penalty and inability to commence business.
According to the Companies Act, 2013, a public company is required to hold a statutory meeting, which is a meeting of the members of the company, within a certain period of time. Let's understand this requirement in detail:
Definition of Statutory Meeting
A statutory meeting is the first meeting of the members of a public company, held once in the company's lifetime, to discuss the company's affairs and financial position.
Time period for holding Statutory Meeting
The Companies Act, 2013, mandates that a public company must hold its statutory meeting not later than three months from the date on which the company is entitled to commence business.
Calculation of the time period
The time period of three months is calculated from the date on which the company is entitled to commence business, which is the date of issue of the certificate of incorporation.
Consequences of non-holding of Statutory Meeting
If a public company fails to hold its statutory meeting within the prescribed time period, it will be considered as a default, and the company and its officers will be liable to pay a penalty. In addition, the company will not be able to commence any business until the statutory meeting is held.
Conclusion
In conclusion, a public company must hold its statutory meeting within three months from the date of issue of the certificate of incorporation. This meeting is essential to discuss the company's affairs and financial position and non-holding of the same will lead to a penalty and inability to commence business.
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Statutory meeting must be held not later than _____________from the da...
The answe is 6 months . statutory meeting should be held on not less than 1 month & not more than 6 months
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Statutory meeting must be held not later than _____________from the date on which a public company is entitled to commence businessa)3 monthsb)6 monthsc)1 yeard)One monthCorrect answer is option 'A'. Can you explain this answer?
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