Egm

Byju’s Vs Investors: What is an EGM and what does the law say about it?

If a company fails to comply with the conditions defined in the Companies Act when calling for an EGM, the decisions taken in the EGM may be be invalidated if challenged at the NCLT.

Byju's EGM in NCLT opposed by select investors; immediate relief denied

A group of four investors of Byju's has filed an oppression and mismanagement suit against the management of the company before the National Company Law Tribunal (NCLT), Bengaluru Bench, seeking to oust the founders, including CEO Byju Raveendran, and appoint a new board.

Rumours of my firing have been greatly exaggerated, highly inaccurate: Byju Raveendran to employees

"I continue to remain CEO, the management remains unchanged, and the board remains the same. Put differently, it is “business as usual” at BYJU’S," said Raveendran, in the letter.

After EGM to oust founder, Byju's claims that resolutions are invalid and ineffective

Byju's founder and his family skipped the EGM. Late on February 22, Raveendran wrote a letter to shareholders, saying his and promoters' absence would invalidate the EGM proceedings.

Ahead of EGM, Byju Raveendran says investor campaign to oust him is illegal

Byju’s founder Byju Raveendran, his wife and co-founder Divya Gokulnath, and brother Riju Ravindran — who together hold 26% of shares in the company — will not participate in the EGM.

Byju's EGM today: Investors to vote on founder ouster, share transfer restriction, forensic probe, and other resolutions

Even as Raveendran, his co-founder and wife Divya Gokulnath, and his brother Riju Ravindran have all decided to sit out of the meeting, sources told Moneycontrol that the EGM will continue as planned.

Byju's says shareholder agreement doesn't allow investors to change CEO

The company said it will continue with the proposed $200-million rights issue that was announced earlier this week for existing shareholders, while adding that it has received encouraging responses from multiple investors.

Dish TV EGM: Corporate governance experts say shareholders' rejection of 4 directors "long overdue"

Large shareholders in the company have been asking for a change of board for a while now, pointed out the experts

Kirloskar Industries seeks EGM of Kirloskar Brothers; demands forensic audit

In a regulatory filing, Kirloskar Industries Ltd (KIL), which holds 23.91 per cent stake in Kirloskar Brothers Ltd (KBL), said its board at a meeting held on October 21, 2022 accorded approval to requisition the convening of an Extraordinary General Meeting (EGM) of KBL.

Shareholders approve Ashishkumar Chauhan as MD and CEO of NSE

In July, capital market regulator Securities and Exchange Board of India (Sebi) cleared a five-year term for Ashish Chauhan as managing director and chief executive officer, NSE

Invesco drops idea of giving Zee board a jiggle, pops off entertainment giant's shares

“Since we announced our intention to requisition, Zee has entered into a merger agreement with Sony. We continue to believe this deal in its current form has great potential for Zee shareholders," the fund says

IndiGo EGM: CEO Ronojoy Dutta assures shareholders of stronger recovery

Dutta said that while at the moment, flight bookings have taken a hit given the outbreak of the Omicron variant of COVID-19, the aviation industry in India is still showing strong signs of recovery and any fall in bookings is likely to be temporary.

Is this the end of IndiGo promoters’ feud?

The two largest shareholders, Rahul Bhatia and Rakesh Gangwal, have convened an EGM to present a resolution that removes restrictions on the transfer of promoter shares, among other things. If it is accepted, it would end the dispute between the two.

Explained| Why IndiGo's promoters fell out and how the upcoming EGM can settle the dispute

The eyeball to eyeball confrontation between the airline's promoters Rahul Bhatia and Rakesh Gangwal may finally end if the EGM removes restrictions on the transfer of promoter shares.

Zee Entertainment to announce the EGM date today

Counsel appearing for Zee said the company will inform the date of the EGM by the morning of October 22. The Bombay High Court on October 21 asked the company to call a meeting as requisitioned by Invesco

Zee approaches NCLAT to challenge NCLT order in Invesco case

The NCLT had directed Zee to file a reply by October 7 on Invesco's plea seeking a legal order for an extraordinary general meeting.

Zee-Invesco case: NCLT seeks reply by October 7 on plea seeking EGM order

The manner in which Zee rejected the call for an extraordinary general meeting, as sought by the largest shareholder Invesco Developing Market Funds, point towards a "classic case of forum shopping", advocate Janak Dwarkadas said.

Zee says will not hold EGM as demanded by shareholder Invesco

Zee board rejects demand from Invesco to convene extraordinary general meeting, citing "multiples legal infirmities".

Invesco says Zee’s failure to take steps within its notice period to call an EGM led to legal action: Read response here

Invesco has moved NCLT against Zee for its failure to hold an EGM to reconstitute board. Experts suggest Zee still has a few days to comply with EGM rules. Invesco responded to Moneycontrol’s query for taking legal action, following is the full response.

Invesco's purpose unclear, say proxy advisory firms on US Fund moving NCLT against Zee

As per rules, the ZEEL board has time up to October 2 to call for an EGM, as requisitioned by Invesco and another 21 days to hold it. EGM has to be called within 45 days with a 21-day notice period. So, the company can push it to a maximum period of 24 days from receipt of investor request.

Zee: Next one month crucial as brinkmanship with Invesco continues

Zee Entertainment’s board has time till October 2 to call for an EGM and another 21 days to hold it. Invesco’s letter to the board reiterates the demand for an EGM for the re-constitution of the board, and questions the board on the strategic decision of September 22 to explore a merger with Sony.

Toshiba wants to include two foreigners among new board, hold EGM

Osamu Nagayama made the comments at a news conference broadcast online, a day after the crisis-hit conglomerate said two board members and two executives are stepping down, following an explosive investigation that revealed the company had colluded with the government to pressure shareholders.

Bank of India gets shareholder nod to raise Rs 8,000 crore