New Delhi: Escorts Ltd has announced the postponement of its annual general meeting (AGM) scheduled for 30 September to a later undisclosed date.

While the company maintains that the postponement has been due to unavoidable procedural circumstances, the move is being seen with much interest in the market as it comes in the wake of Escorts'' subsidiary, Escorts Heart Institute and Research Centre (EHIRC), proposing to change its status under the Companies Act.

EHIRC has written a letter to the income-tax authorities in Chandigarh, where it is registered, stating its intent to convert itself into a company under Section 25 of the Companies Act with charity as one of its main objectives.