Circular No. 07 of 2024 — Applications Under Section 147 (Power of Commission to Call Meetings)

Clarifies how applications under Section 147 (the Commission's power to direct the calling of an overdue statutory, annual general, or extraordinary general meeting) are handled: a company cannot apply against itself, since it cannot seek a direction against its own default; only an aggrieved member or director, in their individual capacity, may file, and the application must be substantiated with proper justification and documentary evidence such as correspondence exchanged with the company about holding the meeting. Holding a meeting as a consequence of a Commission direction does not absolve those responsible for the original default from its consequences. Conversely, since the legislative intent is simply to bring a defaulting company back into compliance, if the company holds its overdue meeting itself without ever invoking Section 147, that meeting remains valid provided it was held in accordance with the relevant provisions of the law.