Quorum

Quorum

(1) A quorum for the general meeting of a private company shall be as specified in the articles of association of such company.

(2) Unless the articles of association of a public company provides for a larger number of the quorum, no proceedings of the meeting of the public company shall be conducted unless at least three shareholders of the total shareholders, representing more than fifty percent of the total number of allotted shares of that company, are present either in person or by proxy.

(3) Where a meeting cannot be held because of quorum as referred to in Sub section (2), and the meeting is called next time by giving a notice of at least seven days, nothing shall prevent the holding of such a meeting if at least three shareholders, representing twenty-five percent of the total number of allotted shares of the company, are present either in person or by proxy.

(4) Notwithstanding anything contained elsewhere in this Section, in the case of a company incorporated under the proviso to Sub-section (2), of Section 3 or a company incorporated under Subsection (1) of Section 173, the presence of three shareholders as mentioned in Sub-section(2) or (3) shall not be mandatory.