Excelsior Correspondent
JAMMU, Feb 6: Taking strong exception to prolonged delays by the Public Sector Undertakings (PSUs) in holding their Annual General Meetings (AGMs), Governor N N Vohra has shot off another letter to Chief Minister Mehbooba Mufti expressing regrets that he continued to receive requests directly from Managing Directors of PSUs for nomination of proxy to attend AGMs, which have been very badly delayed.
In his fresh letter to the Chief Minister, the Governor announced that in 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.
A Raj Bhawan spokesperson said today that Governor N N Vohra had addressed to the Chief Minister on several occasions, last in December 2015, to express concerns over repeated prolonged delays, which arise from failure of various Public Sector Undertakings in timely holding their Annual General Meetings.
“He (the Governor) had urged the Chief Minister to direct all Administrative Secretaries and Managing Directors of Public Sector Undertakings to strictly adhere to the statutory provisions of the Companies Act, 2013 and ensure that the Annual General Meetings are held within the legally stipulated periods,” the spokesperson said.
The spokesperson added that in a recent letter to Chief Minister Mehbooba Mufti, the Governor has regretted that he continues to receive requests directly from Managing Directors of various Public Sector Undertakings.
“In their letters, the MDs of PSUs have been requesting for nomination of proxy to attend Annual General Meetings, which have been very badly delayed,” the letter written by the Governor to the present Chief Minister said.
The Governor stated in the letter that, for future, he will not accept any request unless the case comes to him from the Chief Secretary after it has been seen by the Chief Minister.
An official handout issued by the Raj Bhawan recalled that consequent to the Governor’s earlier correspondence with the Chief Minister, the General Administration Departments had issues instructions, in December 2015, to prescribe inter-alia that no approval shall be accorded by the Governor for any Annual General Meeting, which is held without statutorily prescribed advance notices.
The GAD had also directed that the concerned Administrative Secretary shall furnish clear reason(s) in case the Annual General Meeting is not held within the financial years for proxy to be nominated for a delayed Annual General Meeting, which has not been held within the financial year, the file shall be routed through the Chief Secretary and the Principal Secretary to the Chief Minister.
It may be mentioned here that all Public Sector Undertakings are required to hold AGMs every financial year but it has been observed that many of them don’t hold the AGMs for years together.
The AGMs are held to adopt accounts, balance sheets etc, and their reports are required to be tabled in both Houses of the Legislature. However, it has been observed that old reports of the Public Sector Undertakings are tabled in the Legislature.
On a number of occasions, the legislators have also voiced concern in both the Houses for delayed submission of reports of the Public Sector Undertakings.
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