The Hindu Business Line : Postal ballots

Important issues are now being transacted through postal ballots that allow the managements to rush through matters without as much as a discussion. In the past, there used to be a protracted debate at the meetings where even professional pr oxies could be heard. Can one in the event circulate written material against the proposal to members urging them not to vote in favour of the proposal sought to be transacted through a special ballot?

Sampoorna Shriram, New Delhi

Corporate democracy presupposes an informed debate on an issue before it is put to vote. What you are hinting at is the sketchy and one-sided nature of the explanatory statement that accompanies the postal ballot. There can be no objection to a written counter statement circulated so long as it is not scurrilous or defamatory but instead is factual, especially in shareholders’ interest. But then there are some logistics problems like who would give the addresses of the shareholders. Neither the company nor the depository would oblige. Yes, it may be possible for a cash-rich investor protection organisation to take out a newspaper advertisement to present the flip side of the issue.
Joint home loan

When a housing loan is taken in joint names, who gets Section 80C benefit and in what proportion?

Sumesh, email

Section 80C does not prescribe the proportion in which the tax benefit is to be shared by the joint borrowers.

All that it says is the house should be owned by the person who claims the benefit and he/she should have paid the amount out of his taxable income. Therefore, it is open for the joint borrowers to enter into a transparent arrangement as to the schedule of repayment and communicate it to the bank so that it can give the year-end certificate as to repayments accordingly.

S. MURLIDHARAN
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