Airtel shareholders approve VSAT operations merger scheme

By: |
August 4, 2020 9:07 PM

In May last year, telecom operator Bharti Airtel and Hughes Communications India Ltd (HCIL) said they will combine their VSAT (very-small-aperture terminal) satellite operations in the country, with Hughes holding a majority stake in the merged entity.

 Bharti Airtel, Airtel, Bharti Airtel Services, Hughes Communications India, HCIL Comtel, VSAT, very-small-aperture terminal, satellite operations, Hughes, National Company Law Tribunal, NCLTIn a filing on Tuesday, Bharti Airtel informed the BSE about the details of voting results of court-convened meeting that was held on July 31, where the scheme of arrangement was put to vote. (Courtesy: Reuters image)

Bharti Airtel’s shareholders have approved a proposed scheme of arrangement between Airtel, Bharti Airtel Services, Hughes Communications India and HCIL Comtel, with 99.98 per cent of votes cast in favour of the merger.

In May last year, telecom operator Bharti Airtel and Hughes Communications India Ltd (HCIL) said they will combine their VSAT (very-small-aperture terminal) satellite operations in the country, with Hughes holding a majority stake in the merged entity.

In a filing on Tuesday, Bharti Airtel informed the BSE about the details of voting results of court-convened meeting that was held on July 31, where the scheme of arrangement was put to vote.

Within the promoter and promoter group, 100 per cent of votes cast were in favour of the scheme.

In case of public institutions and public non-institutions, votes cast in favour were 99.96 per cent and 99.99 per cent, respectively.

With the shareholders’ nod in place, NCLT will now be approached for the final approval, a source said.

The meeting held was as per the order of the principal bench of the National Company Law Tribunal (NCLT) at New Delhi.

Earlier, the NCLT directed a meeting of the shareholders of Bharti Airtel for approval of the proposed composite scheme of arrangement between Airtel, Bharti Airtel Services, Hughes Communications India and HCIL Comtel and their respective shareholders and creditors.

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