Friday, January 23, 2009

Companies Act_Practical Problems_50

Lalit, a director of Rich Look Ltd., is seeking re-election at the company’s AGM. While the chairman puts the resolution for Lalit’s re-appointment, which has been duly proposed and seconded, to vote, two shareholders point out to the chairman that Lalit is disqualified to act as director since Padma Ltd., of which Lalit is also a director, has failed to repay its depositors for the past 3 years and the default continues.

Companies Act_Practical Problems_49

The minutes of the 6th AGM of Broad Band Ltd. are ready; however, the company’s chairman Brij is no more, he passed away 3 days after the AGM. Advise

Companies Act_Practical Problems_48

At the AGM of Azad Ltd., Raghav, the managing director, is to be re-appointed for a fresh term of 5 years; however, the managing director is not able to make it to the AGM as his flight is cancelled.

Companies Act_Practical Problems_47

A 100% subsidiary of a public company, having a paid-up capital of Rs.10 crore, is unable to get a qualified Company Secretary; however, the managing director of the subsidiary is a qualified Company Secretary and a fellow member of the Institute of Company Secretaries of India.