Business Times

Flow of AGMs at the same time

Many EGMs and AGMs that was recently held on the last two, three working days in the months of March, June, September and December should have been rescheduled as these meetings clash with several other meetings that are held on the same days.

When you refer to the CSE (Colombo Stock Exchange) weekly dated 16th September 2011 you find that 14 meetings are to be held on the 30th of September between 9.00am to 11.45am - that is about three hours. Then on the same day there are 15 meetings to be held between 2.30 pm to 4.00 pm, that is within one and half hours. How can you have 30 meetings within four hours in the city of Colombo at various venues and also at Mt. Lavinia, Battaramulla and in Kalutara at the same time on that day?

Most of the companies that do not comply with the law are those that resort to this type of manoeuvering so as to outwit shareholders who query the many wrongdoings. It is the CSE that can take up this issue and allocate dates, times and venues for meetings to be held in December 2011, as well as meetings in 2012.

I have written to the newspapers for the past five to six years and also brought to the notice of the Board of Directors at the EGM’s and AGM’s held in past and present not to hold meetings at the same time. It is only in Sri Lanka that this is happening


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Flow of AGMs at the same time


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