Section 97 of the Companies Act, 2013
Section 97 of the Companies Act, 2013 deals with the Power of Tribunal to call Annual General Meeting (AGM).
Here is the bare act text and a summary:
📜 Bare Act Language (Section 97):
(1) If any default is made in holding the annual general meeting under section 96, the Tribunal may, on the application of any member of the company, call, or direct the calling of, an annual general meeting of the company and give such ancillary or consequential directions as the Tribunal thinks expedient in relation to the calling, holding and conducting of the meeting.
A meeting held in pursuance of this section shall be deemed to be an annual general meeting of the company under this Act.
(2) The Tribunal may direct that one member of the company present in person or by proxy shall be deemed to constitute a meeting.
📌 Summary of Section 97:
If a company fails to hold its Annual General Meeting (AGM) as required under Section 96, then:
Any member (i.e., shareholder) can apply to the National Company Law Tribunal (NCLT).
The Tribunal can order that the AGM be held and may also provide necessary directions.
The meeting called under such direction will be treated as a valid AGM.
The Tribunal may also direct that even one member present (in person or proxy) is enough to conduct the meeting.
⚖️ Purpose:
To ensure that companies do not escape their obligation to hold AGMs and provide transparency and accountability to shareholders.
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