VI. ANNUAL GENERAL MEETINGS, ETC.

Posted on June 21, 2008

  1. A listed company shall hold its Annual General meeting and lay before the said meetings Balance Sheet and Profit & Loss Account within four months following the closure of its financial year.
    1. Each Modarba shall hold an annual review meeting of its certificate holders and lay before the said meeting its financial statements within four months following the close of its financial year
  2. A company may apply to the Exchange for extension in time under Sub‑Regulation (1) and shall pay the following extension fee with such applications:
    1. Extension for 1st month or part thereof Rs. 5,000/‑
    2. Extension for the 2nd month or part thereof Rs. 7,500/‑
    3. Extension for the 3rd month or part thereof Rs. 2,500/‑[VOID]Provided that the above extension shall be allowed subject to production of a letter of approval from the Securities and Exchange Commission allowing a similar extension
  1. Upon receipt of the application, with the fee corresponding to the extension applied for, the, Board may, in its sole discretion, grant or refuse the extension. In the event of refusal the fee paid with the application shall be refunded.
  2. Failure to obtain extension from the Exchange or if the Annual General Meeting is not held within time of the extension, it shall make the company liable to penalty at double the rate of extension fees provided above.
  3. No further extension beyond maximum period under sub‑regulation (2) shall be granted. In the event of default continuing after the final extension provided herein above, the company shall be liable to an additional penalty at the rate of Rs. 500/‑ (five hundred) per day for every day of the default and to action of suspension or delisting as may be decided by the Exchange. The Exchange may also notify the fact of such default and the name of the defaulting company by notice and also by publication of the same in the official quotation list of the Exchange.
  4. The Board may suspend/delist any company which makes a default in complying with the requirements of this Regulation and/or fails to pay the penalty payable hereunder or imposed by the Exchange.
  5. Every Listed Company or issuer of Listed Security shall submit in such form and manner as may be prescribed by the Exchange from time to time the number and break-up of their free-float shares on quarterly basis i.e. as on March 31, June 30, September 30 and December 31 each year. Such information shall be submitted to the Exchange within 15 days of close of each quarter.

Explanation:

The term “free-float”

for the purposes of this Sub-Regulation shall mean proportion of total shares issued by a company, that are readily available for trading at the Stock Exchange. It generally excludes the shares held by controlling directors / sponsors / promoters, government and other locked-in shares not available for trading in the normal course.

  1. The company shall furnish copies of minutes of its Annual General Meeting and of every Extra‑Ordinary General Meeting to the Exchange within 30 days of such meeting.
  2. The company shall furnish a complete list of all its shareholders as at the 31st of December in each calendar year, duly affirmed to be correct as and upto that date, within 30 days thereof. Failure to comply in the said behalf shall be deemed to be violation of these Regulations and, in addition, such company shall be liable to pay a sum of Rs. 500 (five hundred) per day for each day of default until it continues.

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