DIRECTIONS OF MANAGEMENT AND ADMINISTRATION:
Directions of Central Government Powers to Call for Annual General Meeting.
A default is made in holding a general meeting annually in accordance with section 166, the Central Government may anything contained in this Act notwithstanding or in the company articles. Any company member application, call or direct, a general company meeting, or the direct calling of, a company general meeting and give ancillary directions or consequential as the Central Government thinks in relation to the calling expedition, holding and conducting of the meeting.
Explanation: The directions that are given under this subsection may include a direction that present one company member in person or by proxy shall be regarded to constitute a meeting.
Default is made in holding the company meeting in accordance with section 166, or in complying of the Central government with any directions, as the case under sub-section (1) of section 167, every company and the officer who is in default, shall be punishable with fine which may extend to {fifty} thousand rupees and in the case of continuing default, with a further fine which may exceeds everyday two thousand five hundred after the first during which such default continues.
For any reason it is not practicable to call the company meeting, other than an annual general meeting in which the meetings of the company may be called in any manner, or to hold, or conduct the company meeting prescribed in the manner by this Act or the Tribunal may or the articles, either of its own motion or on any company director application, or of any company member who would be entitled to vote at the meeting.
A, Company meeting order may be conducted, called and held in such manner as the Tribunal thinks fit; and
B, Give such ancillary or directions which is consequential as the Tribunal thinks expedient including modifying directions or in relation supplementing to the conducting, calling or holding of the meeting, the provisions operations of this Act and of the company articles.
Explanation:- The given directions under this subsection may include a direction that one member of the company present in person or by proxy shall be considered to constitute a meeting.
2, Any meeting held, called and conducted in accordance with an order shall, for all purposes be regarded to be the company meeting duly conducted, called and held.
Dividends and manner and payment thereof
205A. Dividend Unpaid to be Transferred to Special Dividend Account.
After the Commencement Act of companies, 1974(41 of 1974) a dividend has been initialized by the company but that has not been paid, or claimed, within thirteen days from the date of declaration to any shareholder entitled to the dividend payment, the company shall, within seven days from the expiry date of the period of thirty days said, to a special account to be opened by the company in any scheduled bank behalf, to be called “ Unpaid Dividend Account of — Company Limited/Company (Private) Limited”.
Explanation:- In this, the term “dividend which remains without paid “ means by the warrant dividend in respect thereof has not been encashed or which has otherwise not been paid or claimed.
8, If a company fails to comply with any of this section requirement, every officer and the company who is in default, shall be punishable with the fine that may exceed for every day to five thousand rupees during which the failure continues.
205B Unclaimed Payment or Unpaid dividend.
Person state to be entitled to any money transferred under sub-section (5) of the section 205 A to the general revenue account of the central government, may apply to the Central Government for an order for claimed money payment; and the Central Government may, if satisfied whether on a company certificate or otherwise that such person is entitled to the whole or any part of the claimed money, make a payment order to sum of that person after taking due to him such security from him as it may think fit.
Provided that contained in this section without anything shall apply to claim any person to be entitled to money transferred to the fund referred to in section 205C on and after the Companies commencement (Amendment) Act, 1999.
Protection fund Establishment and Investor Education
Provided that without such amount referred to in clauses (a) to (d) shall form unless the Fund part such amounts have unclaimed remained and seven years period from the date unpaid they became payment due.
Explanation
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