Every Public limited company having a share capital is required to hold a Statutory Meeting once in every year u/s 165 of the Companies Act, 1956.

APPLICABILITY

Every Public Company having a share capital and every company having a guarantee are required to hold Statutory Meeting within a period of not less than 1 month and more than 6 months from the date of its incorporation.

EXCEPTION

Private Companies and Government Companies are not required to hold any statutory meeting under the Companies Act, 1956.

PROCEDURES

Preparation of Statutory Report – A Statutory Report shall be prepared giving details of all receipts and payments made from the date of incorporation upto a date within the previous 7 days from the date of furnishing of report.

Convene a board meeting – A board meeting should be convened by giving notice to all Directors for approval of report.

Penalty for not giving the notice– Every officer of Company in default shall be punishable with a fine of Rs. 1000 for not giving the notice.

Certification – The report shall be certified by atleast 2 Directors of the Company, one of them should be a Managing Director, if any.

Intimate the Members – The statutory report shall be send to all the members’ atleast 21 days before the meeting along with the notice.

For Shares listed on Stock Exchange–

   – 3 copies of notice shall be forwded

   – 6 copies of statutory report shall be forwaded

Forms to be filed with ROC – After the report has been sent to all the members, file with ROC a copy of Statutory report after payment of requisite fees.

Documents/signatures to be attached –

The following documents should be filed as attachments:

1. Abstract of receipt and payments

2. Details of preliminary expenses

3. Details of commission or brokerage if any paid to any directors.

Also the e-Form should be duly signed by the Managing Director or any director of the Company.

BUSINESSES TRANSACTED

• The name, address and occupation of all members and the number of shares held by them can be kept open.
• The Statutory Report can be approved.
• Resolution, if any can also be discussed.

PENALTY FOR NON – COMPLIANCE

If any director or officer of the company does not comply with the provisions of Section 165, then every director or officer in default shall be punishable with a fine of Rs. 5000.