Much-awaited elections of Apparel Export Promotion Council (AEPC) concluded yesterday but now a news is doing rounds in the industry that there are chances for the elections to be re-conducted in the next few months as the matter related to it is into Delhi High Court.
AEPC in its notice for Annual General Meeting (AGM) has asked to deposit Rs. 1 lakh for filing nomination to contest in the elections. If any candidate does not get 25 per cent of the total votes casted through e-Voting, this amount will be not refunded. Logic behind this condition is pursuant to Section 160 (1) of the Companies Act 2013.
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Rajiv Kapoor, MD, Affordable Export, Delhi has filed a petition in Delhi High Court against this condition. He is of the opinion that this condition is not as per the law, and the AEPC is doing so to demotivate the apparel exporter fraternity not to contest in the elections.
JL Sehgal, President, Apparel House Exporters Association and MD of Kiran Associates, Gurgaon, India informs Team Apparel Resources, “Gazette Notification of June, 2015 clearly states that there is no need to deposit Rs. 1 lakh, but still AEPC has charged the same. If the Delhi High Court agrees on our point, then elections will definitely happen again. The case was place in front of Single Bench, but it denied to give us Stay in the matter. But whatever will be the final result, it’ll surely influence the elections.” He adds, “We are looking at January 28 (hearing day) as a big day because it is a ‘war’ of principles, not for any individual or personal gain.”
Headquartered at Gurgaon, India, AEPC, which has near about 8,000 members, is an official body of Indian apparel exporters.