What happens when the Chairman and other top executives of a company are unable to attend the annual general meeting (AGM)? Shareholders elect one from among them as the Chairman of the AGM to complete the proceedings.
This rule became a reality at the 21st AGM of Sankhya Infotech. After waiting for nearly one hour for the company’s Chairman & MD Sridhar Krishna and other top executives to arrive at the AGM at a hotel here, the shareholders registered for the AGM decided to elect one from among them as the Chairman to complete the proceedings.
“As per the provisions of the Companies Act, 2013, the Secretarial Standards of General Meetings, the members present elected Y Koteswara Rao as the AGM’s Chairman to conduct the proceedings,” the company informed the BSE.
“The Chairman and other key officials could not reach the venue on time,” it said.
The company informed the BSE on Monday of the AGM held on November 28. Koteswara Rao occupied the chair and conducted the proceedings, which included submission of Director’s Report, financial statements and auditors’ report for the financial year ended March 31, 2018. Bhaskar Pramanik and Anil Valluri were appointed independent directors of the company.