AJL meet to change structure of company

An Extraordinary General Meeting of the Associated Journals Ltd (AJL), the company that owns National Herald, has been convened here on January 21, 2016, to seek shareholders’ nod for changing the structure of the company from a commercial to a non-profit entity. In the midst of an ongoing controversy over Herald, a notice appearing in newspapers here said the meeting will be held at 1, Bisheshwar Nath Road, Kaiserbagh, Lucknow, to seek the approval of 762 shareholders for turning AJL into a not-for-profit Section 8 company under Companies Act, 2013. A Section 8 company is a venture established “for promoting commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment or any such other object” and profits from such a company’s activities, as well as any other income earned by it, can be used only for promoting the objectives of the company.