Section 140

Notice of resolution.—(1) The notice of a general meeting of a company shall state the general nature of each business proposed to be considered and dealt with at a meeting, and in case of special resolution, accompanied by the draft resolution.

(2) The members having not less than [1][five] percent voting power in the company may give notice of a resolution and such resolution together with the supporting statement, if any, which they propose to be considered at the meeting, shall be forwarded so as to reach the company—

(a) in the case of a meeting requisitioned by the members, together with the requisition for the meeting;

(b) in any other case, at least ten days before the meeting; and the company shall forthwith circulate such resolution to all the members.

(3) Any contravention or default in complying with requirement of this section shall be an offence liable—

(a) in case of a listed company, to a penalty of level 2 on the standard scale; and

(b) in case of any other company, to a penalty of level 1 on the standard scale.

[1] Substituted through Companies Amendment Act, 2021 dated 03-12-2021. Before substitution it was:

“ten”