Q.(a) Give short notes on:

(a) A Statutory Meeting is the one-time first meeting of a public company's members; an EGM is a general meeting held between AGMs for urgent special business. (b) A responsible consumer is quality-conscious, insists on a bill and warranty, buys standardised goods, is not misled by ads, and files genuine complaints.

(a) Short Notes

(i) Statutory Meeting

• It is the first general meeting of the members of a public company, held only once in the life of the company.
• It is held after commencement of business, within the period prescribed by law, so that members are informed about the formation and early affairs of the company.
• Before the meeting, the Board sends every member a statutory report giving details of shares allotted, cash received, preliminary expenses, directors, auditors, contracts, etc.
• At the meeting members discuss the statutory report and matters relating to the company's formation. (A private company and a company without share capital need not hold it.)

(ii) Extra-ordinary General Meeting (EGM)

• It is a general meeting held between two Annual General Meetings to transact urgent special business that cannot be postponed to the next AGM.
• Examples: alteration of the memorandum or articles, change of name, reduction of capital, removal of a director.
• It may be called by the Board of Directors on its own, on the requisition of members, or by the members themselves / the Tribunal when the Board fails to do so.
• Only special business is transacted at an EGM; hence an explanatory statement is attached to the notice.

(b) Responsibilities of Consumers

Along with rights, a consumer must discharge certain responsibilities:

1. Be quality-conscious – buy only quality goods and refuse sub-standard products.
2. Insist on a cash bill / receipt and warranty card – proof of purchase needed to claim redressal.
3. Look for standardisation marks – prefer certified goods carrying ISI, AGMARK, Hallmark, FPO marks.
4. Read labels carefully – check price, weight, date of manufacture/expiry, ingredients and directions for use. …