CESC Ltd, the RP-Sanjiv Goenka group flagship, has got its shareholders’ approval for the company’s proposed corporate restructuring by way of a demerger scheme of its multiple businesses.
CESC Ltd, the RP-Sanjiv Goenka group flagship, has got its shareholders’ approval for the company’s proposed corporate restructuring by way of a demerger scheme of its multiple businesses. In a stock exchange filing on Saturday, the company said the resolution for the approval of the scheme was passed by the shareholders with the requisite majority. According to the filing, the voting on Friday saw 100% of the votes being cast in favour of the proposed corporate restructuring of CESC. Following an order of the Kolkata bench of the National Company Law Tribunal (NCLT), the company convened a meet of its shareholders in the city on Friday for the approval of the proposed “Composite Scheme of Arrangement” amongst CESC Ltd, nine of its unlisted subsidiaries and their respective shareholders. “The resolution for approval of the scheme of arrangement, if passed by a majority in number representing three-fourths in value of equity shareholders casting their votes, as aforesaid, shall be deemed to have been duly passed on the date of the said meeting of such shareholders under Section 230(1) read with Section 232(1) of the Companies Act, 2013,” the tribunal had stated in its order on October 26.
Nine unlisted subsidiaries of CESC are CESC Infrastructure, Spencer’s Retail, Music World Retail, Spen Liq Private Ltd, New Rising Promoters, Haldia Energy, RP-SG Retail, RP-SG Business Process Services and Crescent Power. Passing the order, a division bench of the NCLT, comprising Justices Vijai Pratap Singh and Jinan KR, had said the equity shareholders of the applicant CESC shall be given the option of voting on the resolution for approval of the scheme by casting their votes personally or by proxy at the venue of the meeting on December 15 or by postal ballot/remote e-voting during the period from November 15 to December 14. The company was awaiting the regulatory approval from the NCLT and its shareholders approval, among others.
The appointed date of demerger was October 1 subject to approval of the tribunal. The board of directors of the group’s flagship company had approved the proposed business restructuring scheme in its meeting in May this year.