Discuss the procedure of calling Annual General Meeting and Extraordinary General Meeting of a company. State what businesses are transacted in an Annual General Meeting.

A general meeting shall be held (within eighteen months from the date of its incorporation and thereafter once at least in every year) at such time (not being more than fifteen months after the holding of the last preceding general meeting) and place as may be prescribed by the company in general meeting.

Proceedings at General Meeting:

1. Fourteen days' notice at least (exclusive of the day on which the notice is served or deemed to be served, but inclusive of the day for which notice is given) specifying the place, the day and the hour of meeting.

2. No business shall be transacted at any general meeting unless a quorum of members is present at the time when the meeting proceeds to business If within half an hour from the time appointed for the meeting a quorum is not Present, the meeting, if called upon the requisition of members, shall be dissolved.

3. The Chairman selected among them by the Board of Directors shall preside as chairman at every general meeting of the company. Provided that the Chairman and the Managing Director shall
not be the same person.

4. lf there is no such chairman, or if at any meeting he is not present within thirty minutes after the time appointed for holding the meeting, or is unwilling to act as chairman, the members Present shall choose someone of their number of be chairman'

5.The chairman may with the consent of any meeting at which a quorum is present, adjourn the meeting from time to time and from place. 

Extra Ordinary Meeting:

All meetings of the shareholders other than the annual meetings or those provided for in the articles are known as extra ordinary meeting. These meetings may be called by the directors either ‘suo moto’ or the requisition of not less than one-tenth of the shareholders and where the directors fail to call such a meetings so requisitioned within the prescribed time limit, by the requisitions themselves.

Businesses that are transacted in an Annual General Meeting:

1. To receive, consider and adopt the Directors’ Report and the Audited Balance Sheet and the Profit and Loss Account with Auditors’ Report thereon.

2. To declare dividend.

3. To elect Director (s)

4. To appoint the auditors and fix up their remuneration.

5. To transact any other business which can be transacted by ordinary resolution, with the permission of the chair.