The National Company Law Tribunal (NCLT) has directed Bharti Airtel shareholders to hold a meeting to consider and approve the scheme of arrangement between Airtel, Bharti Airtel Services, Hughes Communications and HCIL Comtel.
To this end, a virtual meeting will be held on July 31, 2020.
The meeting is being called for the purpose of considering, and if deemed fit, approving (with reasonable modifications, if required) the proposed composite scheme of arrangement between Bharti Airtel, Bharti Airtel Services Limited, Hughes Communications India Limited (HCIL) and HCIL Comtel Limited and their respective shareholders and creditors under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013.
Airtel has said that it will also be offering Postal Ballot and remote e-voting facility prior to the meeting. Using this facility, the attendees can cast their votes for or against the resolution set forth in the notice.
To this end, the telco has appointed KFintech, which will provide remote e-voting facility as well as 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, either postal ballot or e-voting, prior to or at the meeting. In case equity shareholders cast their vote via both the modes then vote casted through either of the e-voting mode will be taken into account and vote casted through other means will be treated as invalid.