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RELIANCE CAPITAL LTD. - Reliance Capital Ltd reply to clarification sought by the exchange
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24 Sep 2014
In response to the Exchange query seeking clarification wrt the scheduling of AGMs of Group companies i.e. Reliance Power Ltd, Reliance Infrastructure Ltd and Reliance Communications Ltd on the same day i.e. September 30, 2014 at intervals of 2 hours, Reliance Capital Ltd vide its email dated September 24, 2014 has stated that :&lt;br/&gt;&lt;br/&gt;&quot;1. We are in full compliance with the applicable provisions of the Companies Act, 2013 in relation to convening the Annual General Meeting (AGM). We are also in full compliance, not only in the letter but also in the spirit, of the SEBI circular dated August 1, 2014.&lt;br/&gt;&lt;br/&gt;2. A substantial majority of our large family of Shareholders are common in all 4 our listed Group Companies. Acceding to the persistent demand of our Shareholders, we adopted the practice of holding AGMs of all our Group listed Companies on the same day, to enable Shareholders to attend all meetings on the same day at the same venue. We have been following this practice since last four years. &lt;br/&gt;&lt;br/&gt;3. To ensure that there is sufficient time available for a meaningful deliberation at the AGM and our Shareholders get due opportunity to seek clarifications / hold discussions on any of the matters on Agenda at the AGM, we always keep a sufficient gap of two hours between the AGM of our Company and that of our other Group Company. The notice convening AGM has stated that the AGM will be held on Tuesday, September, 30, 2014 at 10.00 A.M. The notice of next meeting has made it abundantly clear that meeting will be held after the conclusion of AGM of Reliance Capital Limited convened on the same day to ensure that sufficient time is available to complete the proceedings of our AGM.&lt;br/&gt;&lt;br/&gt;4. This time gap of 2 hours has been fixed considering the following factors:&lt;br/&gt;&lt;br/&gt;a. Our past experience of duration of our earlier AGMs - It has been observed in our past several AGMs that generally our AGM lasts for about 60 to 90 minutes. Accordingly the Company keeps sufficient time of 2 hours for the AGM proceedings.&lt;br/&gt; &lt;br/&gt;b. Number of Items to be transacted at the AGM - It may kindly be noted that there are nine items for consideration of the shareholders in the the ensuing AGM.&lt;br/&gt;&lt;br/&gt;c. E-voting - As mandated, the Company has given a facility of e-voting to our Shareholders on all the resolutions contained in the Notice for AGM, which process would complete before the date of AGM. Thus, the Company would save further time on voting by the Shareholders at the AGM. &lt;br/&gt;&lt;br/&gt;d. Our shareholders themselves present at our AGMs in the past several years have consistently appreciated the fact that our AGMs are kept on a single day, which is far more convenient for them, instead of their having to travel repeatedly on different days.&lt;br/&gt;&lt;br/&gt;We would like to re-iterate our utmost commitment and adherence to the norms of corporate governance, disclosure, transparency and Shareholders&apos; participation at the Meeting.&quot;
View all announcements for RELIANCE CAPITAL LTD. Source: BSE India