Home Business Bharti Airtel shareholders to vote on July 31 on scheme of arrangement

Bharti Airtel shareholders to vote on July 31 on scheme of arrangement

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 audiovisual 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’s 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 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 of 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 modes shall prevail and voting by equity shareholder through other means shall be treated as invalid.

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