E VOTING RULE 20 VOTING THROUGH ELECTRONIC MEANS
Rule 20 (4) (vi) the facility for remote e voting shall remain open for NOT LESS THAN THREE DAYS and shall close at 5.00 p.m. on the date preceding the date of the general meeting .
Interpretation of Acts and Rules are very important because the bureaucrats will interpret in such manner it suits them to find fault and to penalize / prosecute or punish the corporate , officials and professionals.
The moot question now is how to interpret the word DAY
Day means 24 hours i.e. 9.00 am to 9.00 am (next day)
OR
09.00 am to 05.00 p.m. on the same day
TATA CONSULTANCY SERVICES LTD ( T C S)
Date of AGM 30th June 2015
E Voting period commenced on June 27, 2015 (9.00 am.) and ended on June 29, 2015 (5,00 p.m.)
Interpretation Day means 09.00 am to 05.00 p.m. same day
TCS have complied with Rules and e voting facility remained open for THREE DAYS
Similarly , TATA GLOBAL BEVERAGES LTD also followed the same interpretation day as 09.00 am to 05.00 p.m. the same day
Tata Global Beverages Ltd date of AGM 14th Aug 2015
E Voting period 11th August 2015 (09.00 am ) to 13th Aug 2015 - 05.00 p.m.
Many companies have followed the same and adopted Three Days considering DAY as 09.00 am to 05.00 p.m. on the same day
If you interpret Day as 09.00 am to 09.00 am next day - i.e. 24 hours many companies have not fully complied with the provisions of this Rule
Suggestion is that Rule says NOT LESS THAN THREE DAYS and company can very well keep open e voting for Four Days 09.00 am to 05.00 p.m. and could avoid any query later days from MCA
Clarification is needed from Ministry of Corporate Affairs on this aspect
Practising Company Secretary
Chennai
Mobile 93810 11200
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