Home Letters Letter: Ogle Airport Inc violated member’s right
Enshrined in Section 189 (1)(b) of the Companies Act is this provision: “A company shall prepare and maintain at its registered office records containing minutes of meeting…”, and further, in Section 194 (1), the law allows the members of the company access, free of charge, to examine the company’s records – which includes minutes of meeting(s) during the usual hours of the company.
Yet Ogle Airport Inc. (OAI), the company which is an integral part of the Public-Private Partnership arrangement of the Eugene F Correia International Airport, has continuously denied all of my formal requests, and violated my rights as a member of the company to examine the minutes of the last Annual General Meeting (AGM).
I understand clearly that minutes only get approved at the next AGM, but they should still be distributed and circulated among the members, or at least be made available upon any member’s request, within a few days of the AGM of which they are recorded, and not nearly one year after they were recorded, as is usually the case with OAI.
The reason is very simple and logical.
Members of the company not only require the minutes to implement the decisions which were made, but to keep track of them throughout the year leading up to the next AGM.
Almost always, these decisions are major and critical to the operations of the company. They involve policies, financial dealings, major infrastructural projects to be undertaken, and so on.
Therefore, it is necessary that the minutes get into the hands of the members fresh out of the AGM, and not a few days before the next AGM.
Though the Companies Act gives a one-year timeline to circulate the minutes between AGMs, it is an abuse and breach of several provisions of the Act to delay circulation of the minutes while denying a member access to examine the minutes within a reasonable time immediately after the AGM.
I call upon the Chairman, Company Secretary, and Directors of the Board of OAI to immediately right this wrong, since the next AGM is just a few weeks away.
Capt A Mazahar Ally
ASL, AMSL & GRSI
Shareholders of OAI
Editor’s note: This letter was sent to Ogle Airport Inc for a response. The following is the response:
I write on behalf of Ogle Airport Inc. with regard to correspondence you have received from Capt A Mazahar Ally, Managing Director for ASL, AMSL and GRSI.
I am pleased to inform you that the shareholders of Ogle Airport Inc have received the Draft Minutes of the 2020 AGM, along with the Notice for the 2021 AGM, scheduled to be held on Monday, 28th June, 2021.
Mr Mazahar Ally has been free to visit our registered office at any time, to examine the approved Minutes of the 2019 AGM and the Draft Minutes of the 2020 AGM when they were completed.
Mr Ally has not made a formal request to visit our offices for this purpose.
It is important to point out that the Minutes of the 2020 AGM remain in Draft, and will become the permanent record of the company only when they are approved at the 2021 AGM.
Ogle Airport Inc