Short Notes on Extra-ordinary Meeting

Any general meeting convened in between two annual general meetings is called extra-ordinary meeting or extra-ordinary general meeting or emergency meeting. Usually such meeting is convened for discussing and resolving important and emergency topics. Exta-ordinary meeting can be convened by the directors or shareholders. It is generally convened for altering. any clause of Memorandum of Association (M/ A) or Articles of Association (A/A) change of share capital, removal of any director, alternation of the rights of debenture holders or for any fundamental change etc.

The owners of at least one-tenth of the paid up capital of the company may submit a prayer to the board of directors for an extra-ordinary meeting. The shareholders must state the reason of the meeting in the requisition letter and it must be signed by all of them and submitted in the company's registered office. Tice board of directors must convene the extra-ordinary meeting within 21 days from the submission of the requisition. On their failure the requisiteness themselves be able to convene the meeting. Of course, the meeting should be held within three months from the 'date of requisites will bear the same effects as it were convened by the board and all expenses will be borne by the company. However, such expenses may be realized from the fees of the directors at fault.