Section 100 of the Companies Act, 2013
Section 100 of the Companies Act, 2013 deals with the calling of an Extraordinary General Meeting (EGM).
📜 Section 100 – Calling of Extraordinary General Meeting
(1) By Board:
The Board of Directors may, whenever it deems fit, call an Extraordinary General Meeting (EGM) of the company.
(2) By Requisition:
In case of a company having share capital, the holders of at least one-tenth of the paid-up share capital carrying voting rights can requisition the Board to call an EGM.
If the company does not have share capital, then members holding not less than one-tenth of the total voting power may requisition the Board.
The requisition must specify the matters for the EGM and be signed by the requisitionists, and deposited at the registered office.
(3) Board’s Obligation to Call EGM:
On receiving a valid requisition:
The Board must call the EGM within 21 days of such request.
The meeting must be held within 45 days from the date of deposit of the requisition.
(4) If Board Fails to Act:
If the Board does not call the meeting as required, the requisitionists themselves may convene the meeting within 3 months from the date of requisition.
(5) Reimbursement:
Any reasonable expenses incurred by the requisitionists for holding such a meeting shall be reimbursed by the company, and the company may recover the same from the defaulting directors.
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