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Resolution in Company Law - Meeting and Proceedings, Auditing and Secretarial Practice Video Lecture | Auditing and Secretarial Practice - B Com
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55 videos|53 docs|24 tests
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FAQs on Resolution in Company Law - Meeting and Proceedings, Auditing and Secretarial Practice Video Lecture - Auditing and Secretarial Practice - B Com
| 1. What are the key requirements for conducting a valid meeting under company law? |  |
Ans. To conduct a valid meeting under company law, the following requirements must be met:
- Proper notice of the meeting must be given to all the members, directors, and auditors.
- The meeting should have a valid quorum, which means the minimum number of members required for conducting the meeting.
- The meeting should be conducted in accordance with the rules and procedures outlined in the company's articles of association.
- The resolutions passed in the meeting should be recorded in the minutes and signed by the chairman of the meeting.
| 2. What is the role of an auditor in company law? | |
Ans. The role of an auditor in company law includes:
- Conducting an independent examination of the company's financial records, statements, and accounts to ensure their accuracy and compliance with the applicable laws and regulations.
- Reporting any material misstatements or discrepancies found during the audit process to the shareholders or the board of directors.
- Expressing an opinion on the fairness and reliability of the company's financial statements.
- Providing recommendations for improving the company's internal controls and financial reporting processes.
| 3. What is secretarial practice in company law? | |
Ans. Secretarial practice in company law refers to the responsibilities and tasks performed by a company secretary to ensure compliance with legal and regulatory requirements. These include:
- Maintaining the company's statutory registers and records, such as registers of members, directors, and charges.
- Filing required documents and returns with the Registrar of Companies within the prescribed time limits.
- Assisting in the preparation and circulation of notices, agendas, and minutes of meetings.
- Providing guidance and advice to the board of directors on corporate governance matters and ensuring compliance with the company's articles of association and relevant laws.
| 4. What is a resolution in company law? | |
Ans. A resolution in company law refers to a formal decision or proposal passed by the members or directors of a company during a meeting. Resolutions can be of various types, such as ordinary resolutions, special resolutions, or unanimous resolutions. Resolutions are typically required for making important decisions, such as approving financial statements, appointing directors, or altering the company's articles of association. The resolutions are recorded in the minutes of the meeting and have legal significance.
| 5. Can a company pass a resolution without holding a physical meeting? | |
Ans. Yes, a company can pass a resolution without holding a physical meeting through a written resolution. Written resolutions can be circulated among the members or directors, and they can express their agreement or disagreement in writing. For a written resolution to be valid, it must be approved by the required majority of members or directors, as specified in the company's articles of association. This allows for greater flexibility and convenience in decision-making, especially for companies with a large number of shareholders or directors.
Text Transcript from Video
what is a resolution it is by a
resolution that a company makes
decisions and speaks but how is a
resolution made what is a resolution and
when do we call something as a
resolution to understand this we should
go back to the first step or where a
resolution is born so when there is a
meeting let us take an example and
understand this concept suppose we have
a board meeting in a board meeting there
is one mr. a
who wants tour who is proposing to
appoint mr. XYZ as an Additional
Director of the company so what should
mr. a do the first thing mr. a should do
is that he should propose how will he
propose through a motion so what we call
as motion is basically a proposal of any
particular item to be discussed or any
particular decision to be taken so in
our example mr. a is proposing a motion
to appoint XYZ as the additional
director of the company
so once the motion is proposed the
second step is for the motion to be
discussed and deliberated by all the
directors so whoever directors are
present they will tell their opinion why
this person should be appointed or
should not be appointed etc so the
deliberations will be completed after
the deliberations will be completed the
motion is put - what that is
should we appoint mr. XYZ as additional
director or not so let us say that the
majority of the directors agree for XYZ
to be appointed as the additional
director so now the motion is put to
what and the resolution is passed in
favor of the motion that is the motion
is to appoint and we have passed a
resolution in favor of the motion so
when the resolution is passed in favor
of the motion we say that the decision
is taken and it is a legally binding
decision of the company now there are
two types of resolutions ordinary
resolution and
resolution which we will discuss in our
next video
resolution that a company makes
decisions and speaks but how is a
resolution made what is a resolution and
when do we call something as a
resolution to understand this we should
go back to the first step or where a
resolution is born so when there is a
meeting let us take an example and
understand this concept suppose we have
a board meeting in a board meeting there
is one mr. a
who wants tour who is proposing to
appoint mr. XYZ as an Additional
Director of the company so what should
mr. a do the first thing mr. a should do
is that he should propose how will he
propose through a motion so what we call
as motion is basically a proposal of any
particular item to be discussed or any
particular decision to be taken so in
our example mr. a is proposing a motion
to appoint XYZ as the additional
director of the company
so once the motion is proposed the
second step is for the motion to be
discussed and deliberated by all the
directors so whoever directors are
present they will tell their opinion why
this person should be appointed or
should not be appointed etc so the
deliberations will be completed after
the deliberations will be completed the
motion is put - what that is
should we appoint mr. XYZ as additional
director or not so let us say that the
majority of the directors agree for XYZ
to be appointed as the additional
director so now the motion is put to
what and the resolution is passed in
favor of the motion that is the motion
is to appoint and we have passed a
resolution in favor of the motion so
when the resolution is passed in favor
of the motion we say that the decision
is taken and it is a legally binding
decision of the company now there are
two types of resolutions ordinary
resolution and
resolution which we will discuss in our
next video
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Nov 22, 2024 Last updated |
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