MUMBAI, India, Sept. 9, 2016 /PRNewswire/ -- The equity
shareholders, secured creditors and unsecured creditors of Vedanta
Limited at their respective meetings have approved the Scheme of
Arrangement of Cairn India Limited with Vedanta Limited, with
requisite majority.
The outcome of the Court Convened Meetings of Vedanta Limited
and outcome of the postal ballot is as under:
1. Court Convened
Meeting of the Equity Shareholders, Secured and Unsecured Creditors
of Vedanta Limited
Pursuant to the orders dated December18,
2015 and July 22, 2016 passed by the
Hon'ble High Court of Bombay at
Goa, the Court Convened Meeting of
the equity shareholders, secured creditors and unsecured creditors
of the Company was held at 10 a.m.,
2 p.m. and 4
p.m. (IST) respectively on Thursday,
September 8, 2016 at Hotel Mandovi, D.B. Marg, Panaji – 403 001 to seek their
approval in the matter of the Scheme.
Of the members present and validly voting, 97.84% in number,
representing 99.99% in value, voted in favour of the resolution
approving the scheme. Further, secured creditors and unsecured
creditors of the Company, at their respective meetings, have also
approved the Scheme with requisite majority.
2. Postal Ballot seeking
approval of the public shareholders for the Scheme and approval of
the shareholders by way of special resolution for approval of
capital reduction
The public shareholders of the Company
have approved the Scheme with requisite majority, i.e. votes cast
by the public shareholders in favour of the Scheme are more than
the votes cast by the public shareholders against the Scheme.
The public shareholders of the company have casted 99.98% of
votes (in value) in favour of the resolution. Thus, the scheme has
been approved by a majority of the minority shareholders.
Further, the Company also sought the approval of the
shareholders of the Company by way of a special resolution for
reduction of capital of the Company. This resolution has also been
approved by the shareholders who have casted 99.97% of votes (in
value) in favour of the resolution.
The scheme is now subject to the approval of the jurisdictional
High Courts, and other regulatory approvals.
Further details are available at
http://www.vedantalimited.com/media/99835/vedlvotingresultsseptember2016.pdf
For further information, please contact:
Communications
Roma
Balwani
President – Group
Communications, Sustainability& CSR
|
Tel: +91 22 6646
1000
gc@vedanta.co.in
|
|
|
Investor
Relations
Ashwin
Bajaj
Director – Investor
Relations
|
Tel: +91 22 6646
1531
vedantaltd.ir@vedanta.co.in
|
Vishesh
Pachnanda
Manager – Investor Relations
Sunila Martis
Manager –
Investor Relations
About Vedanta Limited (Formerly SesaSterlite Ltd.)
Vedanta Limited is a diversified natural resources company,
whose business primarily involves producing oil & gas, zinc -
lead - silver, copper, iron ore, aluminium and commercial power.
The company has a presence across India, South
Africa, Namibia,
Australia and Ireland.
Vedanta Limited is the Indian subsidiary of Vedanta Resources
Plc, a London-listed company.
Governance and Sustainable Development are at the core of Vedanta's
strategy, with a strong focus on health, safety and environment and
on enhancing the lives of local communities. The company is
conferred with the Confederation of Indian Industry (CII)
'Sustainable Plus Platinum label', ranking among the top 10 most
sustainable companies in India. To
access the Vedanta Sustainable Development Report 2016, please
visit
http://sustainabledevelopment.vedantaresources.com/content/dam/vedanta/corporate/documents/Otherdocuments/SDreport2015-16/Vedanta%20SDR%20FY%2015-16.pdf
Vedanta Limited is listed on the Bombay Stock Exchange and the
National Stock Exchange in India
and has ADRs listed on the New York Stock Exchange.
For more information please visit www.vedantalimited.com
Vedanta Limited
(Formerly known as SesaSterlite
Limited)
Vedanta, 75, Nehru Road,
Vile Parle (East), Mumbai - 400
099
www.vedantalimited.com
Registered Office:
SesaGhor, 20 EDC Complex,
Patto, Panaji (Goa) - 403 001
CIN: L13209GA1965PLC000044
Disclaimer
This press release contains
"forward-looking statements" – that is, statements related to
future, not past, events. In this context, forward-looking
statements often address our expected future business and financial
performance, and often contain words such as "expects,"
"anticipates," "intends," "plans," "believes," "seeks," "should" or
"will." Forward–looking statements by their nature address matters
that are, to different degrees, uncertain. For us, uncertainties
arise from the behaviour of financial and metals markets including
the London Metal Exchange, fluctuations in interest and or exchange
rates and metal prices; from future integration of acquired
businesses; and from numerous other matters of national, regional
and global scale, including those of a political, economic,
business, competitive or regulatory nature. These uncertainties may
cause our actual future results to be materially different that
those expressed in our forward-looking statements. We do not
undertake to update our forward-looking statements.