Religare Enterprises Ltd has said the company’s 40th annual general meeting (AGM) will take place within the approved 3-month extended period until December 2024.
Religare Enterprises deferred its AGM by three months to December 2024 from September 2024. The company had applied for an extension of time and the Registrar of Companies (RoC) granted an extension on August 22, 2024.
There have been concerns raised by the proxy advisory firm InGovern regarding Religare Enterprises’ postponement of the AGM, saying the company’s move violates “shareholder rights”.
The company, led by Chairperson Rashmi Saluja, had already informed various stakeholders about the extension granted by the RoC, New Delhi, for organising its AGM in a filing with the stock exchanges on September 3, 2024.
“News reports and self-certified analysts expressing their concerns about the delay in the AGM of Religare Enterprises Limited need to enlighten themselves about the prevalent corporate and legal provisions of the country,” a company spokesperson said adding that the AGM will be held “within the approved extended period”.
Also read: Religare Enterprises dismisses InGovern allegations on delayed AGM as ‘misleading’
These concerns are unfounded and without basis, the spokesperson said, adding that vested interests have been doing great disservice to the otherwise honourable profession of providing credible research and advisory. “These vested interests who had believed that Religare stocks could tumble, may be disappointed to notice the stocks trading at consistent price.”
A frantic sale could have been a financially rewarding way for such vested interests to buy additional shares in Religare at a lower price, the spokesperson said adding that the deductions used by such vested interests prompt genuine shareholders to wonder about their lack of ethics, judicious sense, and reasonability.
“The possibility that a delay in AGM equates to distress is not only devoid of logic but also showcases the abject ignorance of corporate laws. Generally, proxy firms are well-equipped with knowledge of corporate and legal matters. In this case, though, the proxy advisor seems to have half-heartedly done its job,” said the spokesperson.
Postponement of an AGM is a well-articulated process and legally binding upon Indian organisations, the company spokesperson said, adding that the registrar of companies (RoC) and SEBI have structured processes and guidelines that mandate how the process can be executed.
From: financialexpress
Financial News
