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Question
Study the following case/situation and express your opinion.
XYZ Ltd held its Annual General Meeting on 11th May 2018. On 1st June Mr. X, a Director of the company was arrested for a financial scam. Hence the shareholders of the company want to remove him.
- Can the company call for the next Annual General Meeting to be held immediately to remove the Director?
- Which meeting of members should the company hold to discuss removal of the Director?
- What type of resolution will be passed in this meeting for removal of the Director?
Solution
- To remove the Director from his office, the shareholders of XYZ Ltd. cannot call the next Annual General Meeting immediately after 1st June 2018.
- The XYZ Ltd. Company should hold Extraordinary General Meeting to discuss removal of the Director for financial scam.
- Resolution requiring special notice (Section 115) is to be passed in the Extraordinary General Meeting for removal of the Director.
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