Birla Corporation Ltd said a Kolkata court passed an ex parte order restraining it from putting to vote a resolution on adopting new Articles of Association at its 105th AGM.
The AGM is scheduled for September 15.
The order, dated September 11, came in response to a suit filed by five shareholders.
Birla Corporation Faces Court Injunction on Articles of Association Resolution
Birla Corporation claimed that there has been no violation on its part, stating that the proposed Articles are fully compliant with prevailing laws
Birla Corporation
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Birla Corporation Ltd said a Kolkata court has passed an ex parte order, restraining the company from putting to vote a resolution on adopting a new set of Articles of Association at its upcoming 105th annual general meeting.
The AGM is scheduled to be held on September 15.
The September 11 order was in response to a suit filed by five shareholders, the company informed stock exchanges on Friday.
Kolkata-headquartered Birla Corporation, in a regulatory filing, said the injunction restrains the company from conducting any poll, including remote e-voting, or publishing results in respect of item no. 5 under “special business” related to the new Articles of Association.
A company's Articles of Association are a set of documents that define its purpose and state the regulations that will govern it.
Birla Corporation claimed that there has been no violation on its part, stating that the proposed Articles are fully compliant with prevailing laws.
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“In spite of this, five shareholders have obtained an ex parte order against the proposal. The company has already preferred an appeal before the Learned District Judge at Alipore and is taking all appropriate steps in accordance with law,” it said in the filing.
The company also said the order will not have any financial or operational impact.
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