TOPIC 31: QUICK REFERENCE TO “Few Technical Aspects w.r.t. Proxy under Companies Act”

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Quick Reference to " Few Technical Aspects w.r.t. Proxy under Companies Act " :-
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1. According to Rule 19 (2) of Companies ( Management and Administration ) Rules, 2014, :-
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The Person shall not Act as a Prxoy on behalf of members more than 50 and holding in total of upto 10% of the total share capital of the Company carrying Voting Rights.
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2. A Member Holding more than 10% of total share capital of the Company carrying Voting Rights may apooint a Single Person as a Prxoy and that person Shall not Act as Proxy for another Person.
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3. If the member himself attends the meeting, then it will amount " Automatic Revocation of Proxy ".
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4. A Shareholder Can revoke the Appointment of Proxy before voting by Proxy.
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5. The Officer of the Company and the Company shall not issue any Invitation to members for appointment Proxy. It's Known by Canvassing for appointment for Proxy. ( Sec 105 (5) ).
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6. A Proxy cannot appoint a Proxy.
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7. AOA of the Company can decrease the time period but cannot Increase the Time period for depositing Proxy form with the Company ( 48 Hours Criteria ).
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8. The Proxy appointed by the Member of the Company should also be the member in case of Section 8 Company.
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9. The relationship between Shareholders & his Proxy is that of Principal and Agent . ( Case study:- Narayana Chettiar V/S Kaleeshwas Mills ).
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10. An Artificial Person cannot be appointed as Proxy. The should be only Individual as a Proxy.
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REGARDS
ACA SOURAV BAGARIA