Are companies harassing minority shareholders?
Minority shareholders express resentment over companies holding AGMs on the same date and time at far-flung venues.
By PTI |
KOLKATA: Minority shareholders on Friday expressed resentment over several corporates holding their annual general meetings on the same date and time and at far-flung venues.
Take for instance today. Four companies, ITC, Eveready, CESC and Phillips Carbon (both RPG group companies), were having their annual general meetings almost at the same time and at distant venues.
One of the shareholders, who has shares in all the companies, complained that he was not able to attend all the meetings since the timing and dates clashed.
He said that this practice had been continuing for a few years and nobody was taking any cognizance of this.
When contacted, an official of the department of company affairs said that the government had nothing to do with it. It all depends on the companies.
However, there was a ray for hope for the shareholders as Eveready chairman B M Khaitan admitted that this was becoming a problem for the minority shareholders and from next year onwards, the company would ensure that its AGM date did not clash with others.
"We will see that the time and date did not clash from next year," Khaitan said.
Several other shareholders were also of the same view that holding AGMs on the same date and time was making it difficult for them to attend and give their views, which was the basic purpose of such meets.
Take for instance today. Four companies, ITC, Eveready, CESC and Phillips Carbon (both RPG group companies), were having their annual general meetings almost at the same time and at distant venues.
One of the shareholders, who has shares in all the companies, complained that he was not able to attend all the meetings since the timing and dates clashed.
He said that this practice had been continuing for a few years and nobody was taking any cognizance of this.
When contacted, an official of the department of company affairs said that the government had nothing to do with it. It all depends on the companies.
However, there was a ray for hope for the shareholders as Eveready chairman B M Khaitan admitted that this was becoming a problem for the minority shareholders and from next year onwards, the company would ensure that its AGM date did not clash with others.
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"We will see that the time and date did not clash from next year," Khaitan said.
Several other shareholders were also of the same view that holding AGMs on the same date and time was making it difficult for them to attend and give their views, which was the basic purpose of such meets.
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