Significant measures by Industry to survive COVID-19 pandemic
Virtual AGM’s and EGM’s Companies in India are able to conduct the Annual General Meeting (AGM’s) and Extra Ordinary General Meeting (EGM’s) through video conference/other digital means, thanks to the relaxation/ guidelines provided by the governing body- Ministry of Corporate Affairs. This has ensured that the big names such as TCS and SBI were able to conduct the AGM’s more or less at the same time every year. While there were challenges on digital front in enabling this initiative, the result is so far so good and the company and the investors at large would be accustomed to have meetings virtually. Being first time in history, this initiative is a welcome step towards digital transformation. This initiative would lead to Cost savings for the company and easier access to the investors for gaining future insights of the company. Business Consolidation and Restructuring Smaller companies with strong fundaments are at a threat of being acquired by larger companies.