Section 52 in The Industrial Development Bank Of India General Regulations, 1994
52. Extraordinary general meeting
.-(1) The Chairman or in his absence the Managing Director or in his absence the whole-time director of the Development Bank shall convene an extraordinary general meeting of shareholders if so directed by the Board, or if a requisition for such a meeting has been received either from the Central Government or from other shareholders holding shares, carrying in the aggregate not less than twenty per cent. of the total voting rights of all the shareholders.(2)The regulation referred to in sub-regulation (1) shall state the purpose for which the extraordinary general meeting is required to be convened, but may consist of several documents in like form each signed by one or more of the requisitionists.(3)Where two or more persons hold any shares jointly, a requisition or a notice calling a meeting, signed by one or some of them shall, for the purposes of this regulation have the same force and effect as if it had been signed by all of them.(4)The time, date and place of the extraordinary general meeting shall be decided by the Board: Provided that the extraordinary general meeting convened on the requisition by the Central Government or other shareholders shall be convened not later than three months of the receipt of the requisition.(5)If the Chairman or the Managing Director or the whole-time director, as the case may be, does not convene a meeting as required by sub-regulation (1), within the period stipulated in the proviso to sub-regulation (4), the meeting may be called by the requisitionists themselves within the next three months:Provided that nothing in this sub-regulation shall be deemed to prevent a meeting duly commenced before the expiry of the period of three months aforesaid, from adjourning to some day after the expiry of that period.A meeting called under sub-regulation (5) by the requisitionists shall be called in the same manner, as nearly as possible, as that in which the other general meetings are called.(6)Any reasonable expenses incurred by the requisitionists in calling a meeting under sub-regulation (5) shall be reimbursed to the requisitionists by the Development Bank.
