Guv reiterates concern over delays in holding AGMs

KT NEWS SERVICE. Dated: 2/7/2018 2:41:47 PM

‘Not to accept direct request from MDs to nominate proxy’

JAMMU, Feb 6: Governor N N Vohra Tuesday, while reiterating his concern over prolonged delays by PSUs in holding Annual General Meetings (AGMs), stated that he would not accept any direct request from the MDs (of PSUs) for nomination of proxy to attend AGMs.
“It has been intimated that, for future, he will not accept any such request unless the case comes to him from the Chief Secretary after it has been seen by the Chief Minister,” said Raj Bhawan spokesperson.
In a recent letter written to the Chief Minister, Governor regretted that despite GAD directions following his earlier correspondence with her (Chief Minister) on this issue, he “continues to receive requests directly from the MDs of various PSUs for nomination of proxy to attend AGMs which have been very badly delayed.”
The Governor had addressed Chief Minister on several occasions, last in December 2015, to express concern over the repeated prolonged delays which arise from the failure of the various State Public Sector Undertakings (PSUs) in timely holding their Annual General Meetings (AGMs). He had urged Chief Minister to direct all Administrative Secretaries and MDs of PSUs to strictly adhere to the statutory provisions of the Companies Act, 2013, and ensure that the AGMs were held within the legally stipulated periods.
Consequent to Governor’s earlier correspondence with Chief Minister the General Administration Department had issued instructions in December 2015, to prescribe, inter-alia: (i) that no approval shall be accorded by Governor for any AGM which is held without the statutorily prescribed advance notice; (ii) the concerned Administrative Secretary shall furnish clear reason(s) in case the AGM is not held within the financial year; (iii) for Proxy to be nominated for a delayed AGM, which has not been held within the financial year, the file shall be routed through Chief Secretary and Principal Secretary to the Chief Minister.



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