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Bharti Airtel shareholders to vote on July 31 on scheme of arrangement
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SME Times News Bureau | 29 Jun, 2020
The National Company Law
Tribunal has directed for a meeting of Bharti Airtel shareholders to
consider and approve the scheme of arrangement between Airtel, Bharti
Airtel Services, Hughes Communications and HCIL Comtel.
The meeting will be held on July 31 through video conferencing.
In
an order dated May 11, 2020, the Principal Bench of the National
Company Law Tribunal at New Delhi had directed a meeting to be held of
the equity shareholders of Bharti Airtel Limited on Friday, July 31,
2020 between 10.30 a.m. and 11.30 a.m. ("Meeting") through video
conferencing or other audio visual means.
The meeting is being
called for the purpose of considering, and if thought fit, approving
with or without modifications, the proposed composite scheme of
arrangement between Bharti Airtel, Bharti Airtel Services Limited,
Hughes Communications India Limited (now known as Hughes Communications
India Private Limited) and HCIL Comtel Limited (now known as HCIL Comtel
Private Limited) and their respective shareholders and creditors under
Sections 230 to 232 and other applicable provisions of the Companies
Act, 2013.
As per a company notice to shareholders, there shall
be no meeting requiring physical presence at a common venue in view of
the present circumstances on account of the Covid-19 pandemic.
Airtel
will also be offering Postal Ballot and remote e-voting facility prior
to the meeting of the equity shareholders including the public
shareholders to cast their votes for or against on the resolution set
forth in the notice.
Airtel has appointed KFintech to provide
remote e-voting facility as well as to enable the equity shareholders of
Airtel to attend and participate in the meeting through VC/ OAVM.
Each
equity shareholder (including public shareholders) can opt for only one
mode for voting i.e. through postal ballot or through e-voting prior to
or at the meeting (through VC/OAVM). In case equity shareholders cast
their vote via both the modes i.e. postal ballot as well as e-voting
either prior to or at the meeting, then voting done through either of
the e-voting mode shall prevail and voting by equity shareholder through
other means shall be treated as invalid.
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