Financial Daily from THE HINDU group of publications
Friday, Dec 30, 2005
Financial Daily from THE HINDU group of publications Friday, Dec 30, 2005 |
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Markets
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Investor Protection NIF moots e-voting at shareholders' meetings Our Bureau
Kolkata , Dec. 29 THE National Investors Foundation (NIF), an investors' forum, has suggested introduction of electronic voting at shareholders' meetings of the listed companies. In a communication to the market regulator, the foundation has pointed out that a system may be developed, by which the shareholders, who are unable to be present at the meeting, can exercise the voting rights by electronic mode. NIF has further proposed that NSDL and CDSL might play a key role in monitoring fairness in the e-voting. It mentioned that in the US, investors have been voting online as it became technologically feasible long ago. In the UK, France, Japan and Germany, e-voting is gaining in popularity at shareholders' meet, NIF has said. E-voting, in NIF's opinion, can go a long way in ensuring greater investor's participation and ushering in corporate governance. The investors' forum has also pointed out that though Clause 51 of the Listing Agreement provides for EDIFAR filing of annual report, AGM notice and other relevant corporate disclosures, does not prescribe any deadline for such filings. NIF has requested SEBI to make EDIFAR filing mandatory, which should contain annual report and AGM notice within 48 hours of the adoption by the board of directors.
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