BEARGER 1,853 Posted October 31, 2013 Share Posted October 31, 2013 The directors have the legal responsibility to ensure the company holds its AGM within the Companies Act ("the Act") time limits and can be liable to criminal action (penalty - fines) if they don't. One option is to remind them of that! If persuasion will not work rather more drastic options include a member applying to the Secretary of State for a direction to hold the meeting (see section 367 of the Act)or members holding a tenth of the paid up voting shares serving a requisition for an extraordinary general meeting (section 368). Where a requisition is served the directors must call that meeting to be held within 28 days from the meeting notice date. If the board fails to do so the requisitionists can send out the notice of meting themselves. The requisitionists could propose resolutions about the matters of concern (eg special resolutions to give instructions to the board) or even propose the forcible removal of directors under sections 303 and 379. A petition to court that the company's affairs are being conducted in a manner unfairly prejudicial to some members is also possible (section 459), although inevitably slow and expensive. Cecile Gillard, Senior Legal Adviser, Jordans Limited 0 Quote Link to post Share on other sites More sharing options...
Darthter 542 Posted October 31, 2013 Share Posted October 31, 2013 It's strange that the original requisitioner's ie. McCollco have not pursued this further. They were desperate enough to block the original AGM, but appear to have gone VERY cold now.... 0 Quote Link to post Share on other sites More sharing options...
andy steel 0 Posted October 31, 2013 Share Posted October 31, 2013 Possibly it suits their myriad other interests to allow some time between? 0 Quote Link to post Share on other sites More sharing options...
Calgacus 8 Posted October 31, 2013 Share Posted October 31, 2013 (edited) They don't need to do anything - yet - The Board is hasn't hit the deadline for calling an AGM Edited October 31, 2013 by Calgacus 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted October 31, 2013 Share Posted October 31, 2013 this will be the focus of my protesting this month. 0 Quote Link to post Share on other sites More sharing options...
BEARGER 1,853 Posted October 31, 2013 Author Share Posted October 31, 2013 May learn something in a few minutes from McColl on SSN. 0 Quote Link to post Share on other sites More sharing options...
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