Vedanta, a diversified natural resources company, announced that its equity shareholders, secured creditors and unsecured creditors have approved the merger Scheme of Arrangement of Cairn India with Vedanta, with requisite majority.
Of the members present and validly voting, 97.84 percent in number, representing 99.99 percent in value, voted in favor of the resolution approving the scheme.
Further, secured creditors and unsecured creditors of the Company, at their respective meetings, have also approved the Scheme with requisite majority.
The public shareholders of the Company have approved the Scheme with requisite majority, i.e. votes cast by the public shareholders in favor of the Scheme are more than the votes cast by the public shareholders against the Scheme.
The public shareholders of the company have casted 99.98 percent of votes (in value) in favor of the resolution. Thus, the scheme has been approved by a majority of the minority shareholders.
Further, the Company also sought the approval of the shareholders of the Company by way of a special resolution for reduction of capital of the Company. This resolution has also been approved by the shareholders who have casted 99.97 percent of votes (in value) in favor of the resolution.
The scheme is now subject to the approval of the jurisdictional High Courts, and other regulatory approvals.