Section 132 — Annual general meeting

(1) Every company, shall hold, an
annual general meeting within sixteen months from the date of its incorporation
and thereafter once in every calendar year within a period of one hundred and
twenty days following the close of its financial year:

Provided that, in the case of a listed company, the Commission, and, in any
other case, the registrar, may for any special reason extend the time within which
any annual general meeting, shall be held by a period not exceeding thirty days.

(2) An annual general meeting shall, in the case of a listed company, be
held in the town in w hich the registered office of the company is situate or in a
nearest city:

Provided that at least seven days prior to the date of meeting, on the demand
of members residing in a city who hold at least ten percent of the total paid up
capital or such other percentage as may be specified, a listed company must provide
the facility of video- link to such members enabling them to participate in its annual
general meeting.
(3) The notice of an annual general meeting shall be sent to the members
and every person who is entitled to receive notice of general meetings at least
twenty-one days before the date fixed for the meeting:

Provided that in case of a listed company, such notice shall be sent to the
Commission, in addition to its being dispatched in the normal course to members
and the notice shall also be published in English and Urdu languages at least in
one issue each of a daily newspaper of respective language having nationwide
circulation.

(4) Nothing in this section shall apply to a single member company.
(5) 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.