All special resolutions are required to be approved by a vote of 75 percent or more of the shareholders.
New Delhi:
Shareholders of Reliance Power have turned down a special proposal to monetize their assets during the Annual General Meeting held on July 2.
All special resolutions are required to be approved by a vote of 75 percent or more of the shareholders.
A BSE filing by the company showed that 72.02 per cent votes were in favor of the proposal, while 27.97 per cent voted against it.
Thus the special resolution could not be passed in the Annual General Meeting (AGM).
In the AGM notice, the company stated that it is in the process of reducing and reducing its debts and liabilities.
For this purpose and to unlock the value of various businesses and assets, the company intends to monetize its assets and businesses at an opportune time.
where the company is required to obtain the consent of the shareholders by way of a special resolution to sell, lease or otherwise dispose of the whole undertaking or where the company has more than one undertaking, the whole or substantially such in any undertaking.
The company shall not dispose of shares in its physical subsidiary, resulting in the reduction of its shareholding (either by itself or with other subsidiaries) to less than or equal to 50 percent or cease to exercise control over the subsidiary without special passing . resolution in its general meeting, it said.
No company shall sell, dispose of or lease out assets exceeding 20 per cent of the assets of the material subsidiary on an aggregate basis during a financial year without passing a special resolution at its general meeting.
The company, therefore, explained that the special resolution is an enabling resolution asking the board of directors to monetize the assets and businesses to achieve the objective of liquidating and reducing the debts and liabilities of the company as well as the value of its various businesses. Powers to unlock. Property.
There is already a proposal forward with the consent of the members vide special resolution passed by postal ballot on 18th August, 2014 for creation of charge/mortgage on the property of the company.