Appointment of proxy companies act 2013

Provided that a member holding more than ten percent, of the total share capital of the Company carrying voting rights may appoint a single person as proxy and such person shall not act as proxy for any other person or shareholder. The appointment of proxy shall be in the Form No. The provisions of section 1is substantially the same as the provisions of section 1except the following: 1) A person can be appointed proxy for upto members and holding not more than of the aggregate share capital carrying voting rights.

The right to appoint a proxy. The SCA held that the provisions of s 58(1) of the Act are unalterable (as contemplated in s 15(2)(d) of the Act), and that the right of the shareholder to appoint a proxy ‘at any time’ is a provision that may not be altered by the MOI of a company. X Get Free Legal Updates. A proxy is someone who attends a general meeting and votes in place of a member of the company. Every member of a company has a statutory right to appoint a proxy.

The statutory provisions are in sec3- sec331. In applying the provisions of section. The term ‘proxy’ is also used to refer to the instrument by which a person is appointed as proxy. This section also provides the manner of appointing proxy.

In every notice calling a meeting of a company which has a share capital, or the articles of which provide for. Well, the answer is NO. A director can not appoint a proxy , who on behalf of the director can attend the meeting of the board of directors (board meeting). A person appointed as proxy shall not act as proxy for more than fifty members or for more than prescribed number of shares. Central Government may also specify companies whose members shall not be entitle to appoint a proxy.

Definition of “subsidiary” 8. A member of a company not having a share capital shall not be entitled to appoint proxy unless articles provide so. Act structured to facilitate its use in relation to most common type of company. Any provision contained in the articles of a company which specifies or requires a longer period than forty-eight hours before a meeting of the company, for depositing with the company or any other person any instrument appointing a proxy or any other document necessary to show the validity or otherwise relating to the appointment of a proxy in order that the appointment may be effective. Similar provision was there in earlier Acts also.

A proxy may vote even if member present personally in the meeting until members expressly revoke proxy or vote himself which implicitly revoke the proxy. Section 105- Proxy - Any member of a company entitled to attend and vote at a meeting of the company shall be. Approval of the director appointment can be given by a simple majority (over ) of shareholders present in person or by proxy at the meeting, and entitled to vote. In small companies with few shareholders a more practical alternative to calling a general meeting may be to send a copy of the written resolution to each shareholder. A person can act as proxy of maximum members if their aggregate holding is not exceeding of total share capital of company caring voting rights.

A member who holds more then of total share capital carrying voting rights may appoint a single person as his proxy but that proxy shall not act as proxy of other person. Article of the model articles for private limited companies allows for appointment either by the board of directors or by ordinary resolution of the shareholders. The proxy advisory firms have raised their concerns regarding auditor’s appointment in the company basing their arguments on the non-independence of these auditors. View presentation slides online.

COMPANIES ACT CHAPTER 81:01. Revocation of proxy. Appointment of Shri V.