A BSE submitting by the corporate confirmed that 72.02 per cent of votes have been forged in favour of the decision, whereas 27.97 per cent voted towards it.
Thus the particular decision couldn’t be handed within the annual common assembly (AGM).
Within the AGM discover, the corporate defined that it’s in means of deleveraging and lowering its debt and liabilities.
For this function and to unlock the worth of assorted companies and property, the corporate intends to monetise its property and companies at an opportune time.
The corporate is required to acquire the consent of the shareholders by means of a particular decision to promote, lease or in any other case get rid of the entire or considerably the entire of the enterprise or the place the corporate owns multiple enterprise, of the entire or considerably the entire of any of such undertakings.
The corporate is not going to get rid of shares in its materials subsidiary leading to a discount of its shareholding (both by itself or along with different subsidiaries) lower than or equal to 50 per cent or stop the train of management over the subsidiary with out passing a particular decision in its common assembly, it stated.
No firm shall promote, dispose, or lease property amounting to greater than 20 per cent of the property of the fabric subsidiary on an combination foundation throughout a monetary yr with out passing a particular decision in its common assembly.
Due to this fact, the corporate defined that the particular decision is an enabling decision empowering the Board of Administrators to monetise property and companies to attain the acknowledged goal of deleveraging and lowering debt and liabilities of the corporate, as additionally to unlock the worth of its varied companies and property.
The decision is in furtherance to the consent of members already accorded vide particular decision handed by postal poll on August 18, 2014, for creation of cost/ mortgage on the property of the corporate, it added.