BSE seeks clarification about multiple AGMs of Reliance Group companies on Sept 30
With the Annual General Meetings (AGMs) of Anil Dhirubhai Ambani-promoted Reliance Group companies having been scheduled on the same day – September 30 – at intervals of two hours, BSE has sought clarification for the group with regard to the scheduling of the multiple AGMs.
The Reliance Group companies whose AGMs have been scheduled to be held on September 30, within a two-hour internal of one another, include Reliance Capital Ltd, Reliance Infrastructure Ltd, and Reliance Power Ltd.
In response to the clarification sought by BSE about the scheduling of multiple Reliance Group AGMs on the same day, Reliance Group companies have told the BSE that a considerable majority of its huge family of shareholders are common in the group’s listed companies.
Pointing out that Reliance Group has been scheduling the AGMs of all its listed companies on the same day for the past four years, the group said that the practice of holding multiple AGMs on one day is chiefly rooted in the “persistent demand” of the group’s shareholders.
Further noting that the scheduling of multiple AGMs of reliance Group companies on the same day complies with “the applicable provisions of the Companies Act 2013 in relation to convening the AGM,” the group said in its response to BSE’s clarification: “We are also in full compliance, not only in the letter but also in the spirit, of the Sebi circular dated 1 August 2014.”
Source – Mint
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