Bharti Airtel shareholders will meet on July 31 to approve proposed scheme of arrangement between Airtel, Bharti Airtel Services, Hughes Communications and HCIL Comtel, according to a regulatory filing.
In May last year, telecom operator Bharti Airtel and Hughes Communications India Ltd (HCIL) had said they will combine their VSAT satellite operations in the country, with Hughes holding a majority stake in the merged entity.
The meeting is as per order of the principal bench of the National Company Law Tribunal at New Delhi, Bharti Airtel said.
The NCLT has 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, it said in the filing.
It further added that the said meeting will be held on July 31, 2020 through video conferencing or other audio visual means.
“Further, 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. At such day, date and time, the said equity shareholders of Airtel are requested to attend the meeting,” Airtel said in the BSE filing on June 28.
Airtel will also be offering postal ballot and remote e-voting facility (prior to the meeting) to the equity shareholders (including the public shareholders) to cast their votes on the resolution set forth in the notice, it added.
“The voting period for Postal Ballot and remote e-voting prior to the meeting commences on Wednesday, July 1, 2020 at 9:00 A.M. and ends on Thursday, July 30, 2020 at 5:00 P.M,” it said.
The voting rights for postal ballot or e-voting facility made available both prior to as well as during the meeting, shall be reckoned on the basis of the paid up value of the equity shares registered in the name of the equity shareholder as on June 12, 2020, it added.
A separate notice has also been given for a meeting of unsecured creditors of Bharti Airtel.