Duncans AGM adjourned

Kolkata: The ninth annual general meeting (AGM) of Duncans Industries Ltd, a company belonging to the GP Goenka group, held on Wednesday was adjourned until further notice, as the company failed to prepare the balance sheet and the profit-and-loss account. But the board of directors and minority shareholders was present and the routine discussion on the company''s affairs was held.

In a "notice of the annual general meeting" issued to the shareholders, the company said it failed to finalise the annual report because it did not have access to the finances of the fertiliser plant where the power connection has been discontinued because of outstanding unpaid bills.

In that notice the company mentioned the "constraints arising out of the abnormal and adverse" situation in the fertiliser unit and added that the final accounts without the fertiliser plant will not "disclose a true and fair view of the results of operations."

The meeting was adjourned till finalisation of the accounts. As per the AGM notice, there were 10 resolutions and none was put to vote. The first resolution dealt with the company''s accounts.