| Amendment to the Equity Listing Agreement – Platform for E-Voting by Shareholders of Listed Entities | |
| 1. | As per the Companies Act, Buy Back Regulations, Delisting Regulations etc the listed companies have to conduct certain businesses only by way of postal ballot with an option to pass any other businesses as well by postal ballot. |
| 2. | Further, as per section 192A of the Act, a postal ballot also includes voting by electronic mode in order to provide opportunities for wider shareholder participation in important decisions of the companies |
| 3. | In line with the same and with an intent to provide wider participation of shareholders, SEBI, at its Board Meeting held on 26th June 2012 took the decision to make e voting mandatory for Top 500 listed companies at BSE and NSE, based on market capitalization basis, to provide for e-voting facilities in respect of those businesses to be transacted through postal ballot. |
| 4. | In Accordance with the same, SEBI has now inserted Cl 35 B to the Equity Listing Agreement. |
| 5. | As per the new Clause, with effect from 1st October 2012, for any postal ballot notices issued after that date, It shall be mandatory for the listed companies to enable e-voting facility also to their shareholders, in respect of those businesses which are transacted through postal ballot. |
| 6. | Those shareholders, who do not have access to e-voting facility, can continue to send their assent or dissent in writing on a postal ballot, as per the Postal Ballot Rules. |
| 7. | As mentioned above, to begin with, this requisite is applicable to Top 500 BSE & NSE listed Companies. |