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Question
Justify the following statement.
Extra ordinary general meeting is called under special circumstances.
Solution
A General Body Meeting of all the shareholders of a company which is held in between the two consecutive Annual General Meetings is called Extraordinary General Meeting This meeting is convened whenever it become Necessary to take immediate decision on some important issues affecting the business of the company which cannot be postponed till the next Annual General Meeting.
This meeting is held to transact urgent and special business like alterations in Memorandum of Association and Articles of Association. Removal of a Director before the expiry of his/her term, removal of auditor before the expiry of his/her term and voluntary winding-up of the company. If the business to be transacted is not special and not urgent. then such business can be discussed in the next Annual General Meeting. Thus, only under special circumstances Extraordinary General Meeting is held.
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