CII requests govt to allow passing resolutions without board meeting

The Confederation of Indian Industry (CII) met Corporate Affairs Secretary Injeti Srinivas on Friday and asked for some relaxations.

It requested that firms be allowed to pass circulars, resolutions without the requirement of conducting a board meeting up to June 30.

Currently, board meetings are required for matters such as deciding on buy-back of securities, investing funds of the company, borrow monies, taking over a company or acquiring a substantial stake in another firm.

The chamber also called for relaxing the requirement of holding board meeting in physical presence for appointment of directors and independent directors in casual vacancies. The Centre has allowed holding board meetings through video conference.

However, the issue of bandwidth remains. CII requested that meetings should also be allowed to be held via audio conferencing and there might not be any need to record them since IT personnel were not able to reach office.

Businesses also asked that they be allowed to carry forward the 25 per cent obligation on Corporate Social Responsibility to the next year.