Powerful journalism on tap, Download The Kashmir Monitor app.

Guv miffed over PSUs repeatedly delaying AGMs

Jammu, Feb 06: In a stern statement, J&K Governor NN Vohra on Tuesday expressed his displeasure over the prolonged delays in conducting Annual General Meetings (AGMs) of the various State Public Sector Undertakings (PSUs).

The Governor, in an official statement from Raj Bhavan, said that he had addressed Chief Minister on several occasions, last in December 2015, to express concern over the repeated prolonged delays.

 

He, as per the statement, had urged the CM to direct all Administrative Secretaries and MDs of PSUs to strictly adhere to the statutory provisions of the Companies Act, 2013, and ensure that the AGMs are held within the legally stipulated periods.

“In a recent further letter to present Chief Minister Governor has regretted that he continues to receive requests directly from the MDs of various PSUs for nomination of Proxy to attend AGMs which have been very badly delayed. It has been intimated that, for future, he will not accept any such request unless the case comes to him from the Chief Secretary after it has been seen by the Chief Minister,” noted the Raj Bhavan statement.

It recalled that consequent to Governor’s earlier correspondence with the CM, the General Administration Department, in December 2015, had issued clear instructions: that no approval shall be accorded by Governor for any AGM which is held without the statutorily prescribed advance notice; the concerned Administrative Secretary shall furnish clear reason(s) in case the AGM is not held within the financial year; for Proxy to be nominated for a delayed AGM,  which has not been held within the financial year, the file shall be routed through Chief Secretary and Principal Secretary to the Chief Minister.