Topice of the Week - eVoting for Corporates

eVoting for Corporates

A new Product has launched in the Electronic World. This Product is known as eVoting for Corporates.

The product is launched by CDSL Ventures Ltd (CVL), a wholly owned subsidiary of Central Depository Services (India) Ltd (CDSL).

This product enables shareholders to participate in the decision making process of companies and cast their votes on resolutions electronically.

The eVoting Product will   permit a company or its registrar to set up the schedule on the e-Voting website www.evotingindia.com and upload the resolutions and register of shareholders.

CVL would then generate and print a password on a pin mailer for each shareholder, which would be communicated to them along with the Notices of the resolutions.

 Shareholders can then access the e-Voting website and cast their votes at any time during the voting period at a place of their convenience.

More about this new product can be accessed @

http://www.thehindubusinessline.com/2009/11/18/stories/2009111851431000.htm

Is this Product legal in India?

Yes, this product is legal in India, as per Government of India, Ministry of Law, Justice and Company Affairs, Department of Company Affairs Notification No.G.S.R._337(E), Dated 10-05-2001.

This Notification can be accessed at

http://www.mca.gov.in/Ministry/notification/Notifications_2001/noti_10052001.html

            As a promoter of Safe ePayments, I am excited about this new product, as it will enable the shareholders to familiarize themselves with an Electronic Product. This familiarization will enable the shareholders to try ePayments too.

This product might aid Companies to aim for ePayment of Dividends too, which is a far better method than conventional Dividend Payments mode.

For more on ePayments of Dividends, drop in @

http://prashantnepayments.blogspot.com/2009/09/dividend-payouts-epayment-mode.html

Of course, this product is new, and am sure, in the next couple of years, any draw-backs in this product will be ironed out.