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Update on Conduct of AGM by Listed entities


  • By : abiZa Team
  • May 12,2020

SECUTRITIES EXCHANGE BOARD OF INDIA

A circular dated April 23, 2020, with respect to Relaxation in relation to Regulation 44(5) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘LODR’) on holding of Annual General Meeting (AGM) by top 100 listed entities by market capitalization, due to the COVID –19 pandemic.

Regulation 44 of SEBI (LODR) Regulations, 2015 – Meetings of Shareholders and Voting

(1) The listed entity shall provide the facility of remote e-voting facility to its shareholders, in respect of all shareholders’ resolutions.

(2) The e-voting facility to be provided to shareholders in terms of sub-regulation (1),shall be provided in compliance with the conditions specified under the Companies (Management and Administration) Rules, 2014, or amendments made thereto.

(3) The listed entity shall submit to the stock exchange, within forty eight hours of conclusion of its General Meeting, details regarding the voting results in the format specified by the Board.

(4) The listed entity shall send proxy forms to holders of securities in all cases mentioning that a holder may vote either for or against each resolution.

(5) The top 100 listed entities by market capitalization, determined as on March 31st of every financial year, shall hold their annual general meetings within a period of five months from the date of closing of the financial year.

(6) The top 100 listed entities shall provide one-way live webcast of the proceedings of the annual general meetings

Top 100 Listed Entities whose financial year ended on March 31, 2020

Sr.No

Regulation

Frequency

Timeline

Due date

Extended Due Date

Period of Relaxation

1.

44(5)

Annually

Within a period of 5 months from the date of closing of the  financial year

August 31,2020

September 30, 2020

1 month

 

Top 100 Listed entity whose financial year ended on December 31, 2019, may hold AGM within a period of nine months from the closure of financial year i.e. by September 30, 2020