1. Authority to Call EGM:
The Board of Directors may call an EGM whenever it deems fit.
2. Members’ Right to Requisition an EGM:
In the case of a company having a share capital, members holding at least one-tenth of the paid-up share capital carrying voting rights can request an EGM.
For a company without share capital, members holding at least one-tenth of the total voting power can request it.
3. Process and Timeframe:
A requisition must specify the matters for the proposed meeting, be signed by the requisitionists, and be deposited at the registered office.
The Board must call the meeting within 21 days of receiving the requisition, and the meeting must be held within 45 days from the date of requisition.
4. If the Board Fails to Call the Meeting:
The requisitionists themselves may call and hold the meeting within 3 months from the date of requisition.
Any reasonable expenses incurred shall be reimbursed by the company and can be recovered from the defaulting directors.