Section 99 of the Companies Act, 2013
Section 99 of the Companies Act, 2013 deals with the Power of Tribunal to call Annual General Meeting (AGM) in certain circumstances.
📘 Section 99 – Power of Tribunal to Call AGM
If any company fails to hold an AGM as required under Section 96, the Tribunal (NCLT) may, on the application of any member of the company, call or direct the calling of the AGM in such manner as the Tribunal thinks fit.
✅ Key Points:
Applicability: This applies to companies that are required to hold an AGM under Section 96.
Who can apply?
Any member of the company.
Power of Tribunal:
The Tribunal can call or direct the calling of the AGM.
It can also give ancillary directions for the meeting.
Penalty:
If a company fails to comply with the Tribunal’s direction:
The company and every officer responsible shall be punishable with a fine which may extend to ₹1 lakh, and in case of a continuing default, with a further fine of ₹5,000 for each day.
📝 Example:
If a company skips holding its AGM within the prescribed time and a shareholder files a petition with the NCLT, the Tribunal can issue an order requiring the company to conduct the AGM.
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