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Vedanta Res PLC (VED)

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Monday 25 June, 2012

Vedanta Res PLC

Update on Court Convened Meetings

RNS Number : 0398G
Vedanta Resources PLC
25 June 2012
 



25 June 2012

 

Vedanta Resources plc

Update on Court Convened Meetings of Sesa Goa Limited, Sterlite Industries (India) Limited and Madras Aluminium Company Limited

 

The shareholders of Sesa Goa Limited, Sterlite Industries (India) Limited and Madras Aluminium Company Limited have approved the proposed schemes during the Court Convened Meetings of each of their shareholders held last week. We remain on track for completion of the proposed schemes by the end of calendar 2012. The announcements made by Sesa Goa Limited and Sterlite Industries (India) Limited are appended below.

 

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25 June 2012

 

Sesa Goa Limited

Update on the conduct of the Court Convened Meeting of the equity shareholders

 

We wish to inform you that, pursuant to order dated 27th April, 2012 passed by Hon'ble High court of Judicature of Bombay at Goa, meeting of  equity  shareholders of the Company was held on Tuesday, 19th June, 2012 at 10 a.m. at Hotel Mandovi, D. B. Marg, Panaji, Goa - 403 001.

 

Of the members present and validly voting 91.70% in numbers representing 79.12% of votes in value voted in favour of the resolution approving the Scheme.  Details of the voting are enclosed in Annexure-I.

 

Accordingly, the Scheme has been approved by Company's equity shareholders with requisite majority, being more than 50% in number and 75% in value of the members present and voting at the meeting. 

 

The scheme is now subject to the approval of the Hon'ble High Court of Judicature of Bombay at Goa.



Annexure-I: Summary of the voting at the meeting for approving the

Scheme of Amalgamation and Arrangement under Sections 391 to 394 read with Sections 78, 100 to 103 of the Companies Act, 1956 amongst Sterlite Industries (India) Limited, The Madras Aluminium Company Limited, Sterlite Energy Limited, Vedanta Aluminium Limited and Sesa Goa Limited and their respective Shareholders and Creditors

 Particulars

For

%

Against

%

Total

Valid number of members voted

1,061

91.70%

96

8.30%

1,157

Valid value of votes

496,420,889

79.12%

131,041,906

20.88%

627,462,795







Invalid number of members voted

12


75


87

Invalid value of votes

8,299,847


24,292,596


32,592,443







Total number of members voted

1,073

86.25%

171

13.75%

1,244

Total value of votes

504,720,736

76.47%

155,334,502

23.53%

660,055,238


Note:

There are 13 other votes (representing 3,92,983 equity shares) which are neither For nor Against

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25 June 2012

 

Sesa Goa Limited

Update on the conduct of the Court Convened Meeting of the equity shareholders

 

 

We wish to inform you that, pursuant to order dated 27th April, 2012 passed by Hon'ble High court of Judicature of Bombay at Goa, meeting of  equity  shareholders of the Company was held on Tuesday, 19th June, 2012 at 11.30 a.m. at Hotel Mandovi, D. B. Marg, Panaji, Goa - 403 001.

 

Of the members present and validly voting 92.32% in numbers representing 79.07% of votes in value voted in favour of the resolution approving the Scheme.  Details of the voting are enclosed in Annexure-II.

 

Accordingly, the Scheme has been approved by Company's equity shareholders with requisite majority, being more than 50% in number and 75% in value of the members present and voting at the meeting. 

 

The scheme is now subject to the approval of the Hon'ble High Court of Judicature of Bombay at Goa.

 

Annexure-II: Summary of the voting at the meeting for approving the Scheme of Amalgamation under Sections 391 to 394 read of the Companies Act, 1956 of Ekaterina Limited and Sesa Goa Limited and their respective Shareholders and Creditors

Particulars

For

%

Against

%

Total

Valid number of members voted

1,082

92.32%

90

7.68%

1,172

Valid value of votes

496,579,018

79.07%

131,418,363

20.93%

627,997,381







Invalid number of members voted

13


78


91

Invalid value of votes

8,400,146


28,432,152


36,832,298







Total number of members voted

1,095

86.70%

168

13.30%

1,263

Total value of votes

504,979,164

75.96%

159,850,515

24.04%

664,829,679

 

Note:
There are 4 other votes (representing 3,00,087 equity shares) which are neither For nor Against

 

Disclaimer

This press release contains "forward-looking statements" - that is, statements related to future, not past, events and may be interpreted as 'forward looking statements' within the meaning of applicable laws and regulations. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should" or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Actual results might differ substantially or materially from those expressed or implied. Important developments that could affect the company's operations include a downtrend in the steel, pig iron & met coke industry - global or domestic or both, significant changes in political, economic, business, competitive or regulatory environment in India or key markets abroad and from numerous other matters of national, regional & global scale including but not limited to natural calamity,  tax laws, litigations, Government policies & regulations, fluctuations in interest and or exchange rates of Indian Rupee, etc.  Any forward-looking information in this press release has been prepared on the basis of a number of assumptions, which may prove to be incorrect.  This press release should not be relied upon as a recommendation or forecast by Sesa Goa Ltd.  The views expressed herein may contain information derived from publicly available sources that have not been independently verified; no representation or warranty is made as to the accuracy, completeness or reliability of this information.  We do not undertake to update our forward-looking statements.


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25 June 2012

 

Sterlite Industries (India) Limited

Update on the conduct of the Court Convened Meeting of the equity shareholders

 

We wish to inform you that, pursuant to order dated 26th April, 2012 passed by Hon'ble High court of Judicature at Madras, meeting of  equity  shareholders of the Company was held on Thursday, 21st June, 2012 at 10 a.m. at Tamira Club, Tamira Niketan, SIPCOT, Industrial Complex, Madurai- Bypass Road, T. V. Puram P. O. Tuticorin - 628002.

           

Of the members present and validly voting 89.75% in numbers representing 92% of votes in value voted in favour of the resolution approving the Scheme. Details of the voting are enclosed in Annexure-III.

 

Accordingly, the Scheme has been approved by Company's equity shareholders with requisite majority, being more than 50% in number and 75% in value of the members present and voting at the meeting. 

 

The scheme is now subject to the approval of the Hon'ble High Court of Judicature at Madras.

 

Annexure-III: Summary of the voting at the meeting for approving the Scheme of Amalgamation and Arrangement under Sections 391 to 394 read with Sections 78, 100 to 103 of the Companies Act, 1956 amongst Sterlite Industries (India) Limited, The Madras Aluminium Company Limited, Sterlite Energy Limited, Vedanta Aluminium Limited and Sesa Goa Limited and their respective Shareholders and Creditors

 

Particulars 

For

%

Against

%

Total

Valid number of members voted

657

89.75%

75

10.25%

732

Valid value of votes

2,127,360,907

92.00%

185,073,400

8.00%

2,312,434,307







Invalid number of members voted

46


83


129

Invalid value of votes

51,499,657


73,679,257


125,178,914







Total number of members voted

703

81.65%

158

18.35%

861

Total value of votes

2,178,860,564

89.38%

258,752,657

10.62%

2,437,613,221

 

Disclaimer

This press release contains "forward-looking statements" - that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should" or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.

 

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For further information, please contact:

Investors

Ashwin Bajaj

Senior Vice President - Investor Relations

Vedanta Resources plc

 

ir@vedanta.co.in

Tel:  +91 22 6646 1531

 

Media

Gordon Simpson

Finsbury

Tel:  +44 20 7251 3801

 

 

About Vedanta Resources plc

Vedanta Resources plc ("Vedanta") is a London listed FTSE 100 diversified global natural resources major. The group produces aluminium, copper, zinc, lead, silver, iron ore, oil & gas and commercial energy. Vedanta has operations in India, Zambia, Namibia, South Africa, Ireland, Liberia, Australia and Sri Lanka. With an empowered talent pool globally, Vedanta places strong emphasis on partnering with all its stakeholders based on the core values of entrepreneurship, excellence, trust, inclusiveness and growth. For more information, please visit www.vedantaresources.com.

 

Disclaimer

This press release contains "forward-looking statements" - that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should" or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.


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