No E-Voting Facility during AGM: Dr Reddy's Laboratories

Drug maker Dr Reddy's Laboratories (DRL) on Friday said it would not extend electronic voting facilities to its shareholders during its scheduled annual general meeting (AGM) to be held on July 31.

In a filing with the bourses, the company said that providing such a facility is not mandatory until December 31.

"With regard to the manner and other requirements of extending the e-voting facility to shareholders, and that the Ministry of Company Affairs has made the aforesaid Rules, non-mandatory till December 31, 2014, we are not extending the e-voting facility at our ensuing Annual General Meeting scheduled on July 31, 2014."

"Accordingly, shareholders' resolutions shall be carried out by 'show of hands'," the pharmaceutical company said.

In a circular issued on June 17, 2014, the Ministry of Corporate Affairs had said that provisions of Section 108 (read with Rule 20) of the Companies (Management and Administration) Rules, 2014, pertaining to exercise of right to vote by members by electronic means (e-means) are not mandatory until December 31, 2014.

Further, the revised Clause 35 (B) of the Listing Agreement notified by capital market watchdog Securities and Exchange Board of India (Sebi) on April 17 provides that the issuer is required to extend e-voting facility to shareholders in accordance with the Companies (Management and Administration) Rules, 2014 or amendments made thereto, the drug maker said.