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Author :
Capt Sukhdev Singh
Posted On 07 August 2012 at 20:21
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Dear Sirs,
As a share holder of Great Eastern Shipping Company limited I nominated a Proxy to attend the AGM on my behalf and to seek below mentioned clarifications from the management related to company matters during AGM scheduled to be held on Thursday the August 9, 2012:
(1)Share holders of the Company are perturbed to learn that a "Suit No.527 of 2005 and Contempt Petition No.7 of 2012" is filed in Bombay High Court against the "Chairman & Managing Directors" by a Senior Master,(Staff Code-2820) of our company.
(2) Shareholders need clarification from the management on this issue of high concern. Managements will be required to answer following queries of share holders during the AGM.
i.What were the grievances of a Senior Captain of our Company which forced him for approaching Bombay High Court for justice?
ii. Was there any claims against the Company at the time of Petitioner's approaching Bombay High Court in the year of 2004, if yes what was the amount of his claim ?
iii. How much amount of share holders money has been spent by the
management as litigation expenses on this matter so far (2004 to date) and how much is Petitioner's claim as on today ?
iv. Does Company have any policy on:
a. handling such matters of employees out of Court.
b. amount of share holder's money to be spent as litigation expenses on such matters.
c. policy on looking after interest of employees and their families.
v. What are the reasons that Criminal Contempt is filed against the Chairman and Managing Directors of our Company in Bombay High Court ?
advance Email reply of the Company : The company by its e-mail reply has said the following:
(1) We are in receipt of your following email whereby you have requested
information regarding Suit No. 527 of 2005 and Contempt Petition No. 7 of
2012 in the Bombay High Court.
(2)We would like to bring to your kind attention that only a shareholder of
the Company is entitled to speak or ask questions on any Company related
matters at the AGM. You will be well aware that, besides a shareholder, no
other person including a Proxy is entitled to speak at an AGM.
(3) Nevertheless , we would like to state that since the aforesaid matter is
presently pending in the Bombay High Court, the same is therefore subjudice
and the Company cannot comment on the same. We state that the matter has no
relevance to the Company as it does not pertain to our Company but to Great
Offshore Limited who are defending the same and bearing all the legal
costs in the matter. The Company has not borne any costs or spent
shareholders monies to defend the aforesaid matter.
For The Great Eastern Shipping Company Ltd,. Share Department
Question : (1)Is Company's reply is justified and further remedy for protection of share holders interest ?
(2) Can a Company prohibit a shareholders appointed Proxy from Speaking in an AGM ?
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Expert :
ajay sethi
Posted On 07 August 2012 at 21:47
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company reply is justified . the company has clarified that no costs have been borne by company . it relates to differnt company altogether and the matter is sub judice .
the company has by email answered your query
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Author :
Capt Sukhdev Singh
Posted On 07 August 2012 at 22:44
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My question is is it justified for a company to prohibit a Proxy of a share holder from speaking at AGM ? Can an Indian Public limited company do this as per Indian Company law in India ?
The Company is wrong in saying that matter does not pertain to them, this company is Defendant No.1 and its CMDs is Contemner no.1 in suit and CP.
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Expert :
ajay sethi
Posted On 07 August 2012 at 22:59
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Section 176 of the Companies Act, 1956 deals with the provisions related to proxy. According to section 176 any member of company, entitled to attend and vote at a meeting of the company, shall be entitled to appoint any person (whether a member or not) as his/her proxy to attend and vote instead of himself at a General Meeting (GM).
Proxy does not speak at the meeting.
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