(1) No business shall be transacted at any meeting of the shareholders whether it is annual general meeting or an extraordinary general meeting unless a quorum of at least two shareholders or shareholder's holding at least 20% of issued equity share capital, entitled to vote at such meeting in person or by proxy or by duly authorised representatives is present at the commencement of such business.
Notwithstanding anything contained herein above, till such time the entire issued equity share capital is held by Industrial Development Bank of India, the quorum for any meeting of shareholders whether it is annual general meeting or an extra ordinary general meeting shall be one shareholder.
(2) If within half an hour after the time appointed for the holding of a meeting, a quorum be not present, in the case of a meeting called by the requisition of shareholders, the meeting shall stand dissolved.
(3) In any other case, the meeting shall stand adjourned to the same day in the next week, at the same time and place or to such other day and such other time and place as the chairman of the meeting may determine. If at the adjourned meeting a quorum is not present within half an hour from the time appointed for holding the meeting, the shareholders who are present in person or by proxy or by duly authorised representative at such adjourned meeting shall be quorum and may transact the business for which the meeting was called:
Provided that no annual general meeting shall be adjourned to a date later than the date within which such annual general meeting shall be held in terms of Section 20 F of the Act and if adjournment of the meeting to the same day, in the 81 following week would have this effect, the annual general meeting shall not be adjourned but the business of the meeting shall be commenced within ore hour from the time appointed for the meeting if the quorum is present or immediately after the expiry of one hour from that time and those shareholders who are present in person by proxy or by duly authorised representative at such time shall form the quorum,