No Gifts to shareholders during Annual General Meeting (AGM)
KEEPING the principle of good corporate governance in view, it has been decided that no company shall offer any other thing except tea, coffee, soft drinks and snacks etc in the AGM. As a courtesy to the shareholders, the same may be made available before the start of the meeting. Any other gifts, food coupons or gift coupons and other enticement shall be treated as misconduct on the part of board of directors of the company. The directors of such companies shall be liable to pay back the cost of such expenses to the company and shall also be liable for the penal action as provided under section 168 of the Companies Act for not convening the AGM properly as required under section 166 of the Companies Act.
The MOC has requested views/comments/recommendations on the above proposal.