A 

statutory meeting is the first meeting of the shareholders of a public limited

A public company limited by shares and a public company limited by guarantee

The Board of Directors shall, at least 21 days before the day on which the meeting is
to be held, forward ‘statutory report’ to every member of the company. Delay in
sending the statutory report can; however, be condoned by a unanimous vote of the
members present at the meeting.
Contents of the Statutory Report:
(a) The total number of shares allotted, distinguishing those allotted as fully paid up
otherwise than in cash, and the consideration for allotment.
(b) The total amount of cash received by the company in respect of all the shares
allotted.
(c) An abstract of the receipts and payments of the company up to a date within 7 days
of the date of the report and the balance in hand.
(d) Company’s receipts from capital issues and other sources and an account or
estimate of the preliminary expenses. Commission or discount paid or to be paid on
the issue or sale of shares or debentures must be separately shown.
(e) The names, addresses, and occupations of directors, auditors, manager, and
secretary and changes occurred in such names since the date of the company’s
incorporation.
(f) The particulars of any contract which, or the modifications of which, is to be
submitted to the meeting for its approval together with the modifications.
(g) The extent to which any underwriting contract has not been carried out and the
reasons thereof.
(h) Details of arrears of calls due from every director and manager.
(i) Details of any commission or brokerage paid or payable to any director, or
manager in connection with the issue or sale of shares or debentures.
Requirements of the Statutory Report:
(i) The accuracy of the statutory report must be certified (a) by at least two directors
of the company, one of whom shall be a managing director, if there is any, and (b) by
the auditors so far as cash receipts and payments account is concerned.
(ii) A certified copy of the statutory report must be sent to the Registrar after copies
thereof have been sent to the members of the company.
Matters to be discussed at the Statutory Meeting:

All matters relating to the formation of the company or arising out of the statutory
report may be discussed by the members in the statutory meeting, but only those
resolutions may be passed of which notice has been given in accordance with the
provisions of the Companies Act.
Default in holding the Statutory Meeting:

In case of default of the company is holding the statutory meeting as per the
requirements of the Companies Act or in delivering the statutory report to the
Registrar, the company may become liable to be compulsorily wound up and every
director or other officer of the company responsible for the default shall be punishable
with a fine extending up to Rs. 5000. Court / Tribunal may instead of making a
winding-up order, direct the report to be delivered or the meeting to be held and order
the costs to be paid by the persons in default.
Step 2 Annual General Meeting
An annual general meeting (AGM) is a yearly gathering between the shareholders of
a company and its board of directors. Generally, this is the only time that the directors
and shareholders will meet throughout the year, so it is a chance for the directors to
present the company’s annual report.
During an AGM, a company’s performance is analyzed and its future strategy is
discussed. This is an opportunity for shareholders to question the board, get answers
for unsatisfactory performance and challenge them on the direction of the company.
Equally, an AGM is a time to praise good returns.
Votes can also be held during an AGM, allowing shareholders to vote on company
decisions, and fill any vacant positions on the board of directors.
Shareholders who choose not to attend the meeting can normally vote by proxy, which
can be done by post or by giving permission for another shareholder to vote on their
behalf.
Most companies, whether they are publicly listed or private, must hold an AGM. This
is primarily for transparency, but also for shareholders and other interested parties to
have a say in company decisions.
The location and format of a company’s AGM are entirely at the company’s
discretion and depend on the resources at its disposal. For example, the AGM of
Warren Buffet’s company, Berkshire Hathaway, is colloquially known as ‘Woodstock
for Capitalists. It is held in Omaha, Nebraska – where Berkshire’s headquarters are –
and has seen over 10,000 attendants descending on the American city annually.
The AGMs of large companies are often impressive affairs; with large spreads for
food and entertainment. In contrast, smaller companies may simply hold their AGMs
in their lawyer’s offices. Regardless of how lavish the event is, AGMs can often be
quite monotonous due to the large volume of legal and administrative updates to get
through.
The purpose of Annual General Meeting
Annual General Meeting is a statutory requirement for Private Limited Company and
Limited Company in India. Every Company whether public or private, limited by
shares or guarantee, with or without share capital or unlimited company is required to
hold an AGM every year. Annual General Meeting is an annual meeting conducted by
the shareholders and Directors of the Company. In the Annual General Meeting, the
audited accounts of the Company are approved, the appointment of auditors and
Directors is finalized. Other items that can be decided in an AGM include
compensation of officers, confirmation of proposed dividends, and any other issue
raised by shareholders.