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The old unit of currency in India before decimalisation, worth one-sixteenth of a rupee.

Annual General Meeting

Every company must hold an AGM at least once in each calendar year, with a gap of not more than 15 months between them. Shareholders are entitled to at least 21 days' notice of the meeting, and they are normally sent a copy of the latest annual report and accounts at the same time.

Legally, the meeting has to approve the dividend, elect directors and agree to the auditors' fees. It is normally asked to adopt the accounts.

From time to time special resolutions are proposed, to increase the directors' pay or the number of shares in issue, or executive share incentive schemes. Although most resolutions come from the board, shareholders can make their own proposals. But check the rules with the company secretary well in advance. -Search: Memorandum of association and Articles of association.

Annual percentage rate

Lenders advertising loans must tell what the interest charge is going to work out at, under a legally-defined formula called the APR. It is similar to what is known as the 'true' rate, as opposed to the much lower 'flat' rate which tends to be publicised in instalment loans. -Search: True rate, Flat rate.

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