To set the mechanism, the board of directors meeting of CDSC directed a committee to study the matter and submit a report on March 27.
As per the direction, the committee has prepared a report on electronic voting. The committee went and studied practice done in India. The committee has prepared a report suggesting setting up the mechanism based on the practice carried out in India.
In the suggestion, the committee suggested to set the mechanism as per local market, nature of AGMs, availability to shareholders and companies functioning.
Given that the internal preparation for the mechanism including types of model and impactful in AGM is already decided, CDSC is preparing to roll out the mechanism immediately after BOD decision.
CDSC believes that the mechanism will, hopefully, minimize the problem of minimum shareholders participation in AGM. It will give voice to all shareholders and eradicate the reign of few investors by collecting proxies of absent shareholders.
